Onex Corp. is divesting minority stakes in WestJet, with Delta Air Lines purchasing a 15% stake for $330 million and Korean Air acquiring 10% for $220 million. Following this, Delta aims to sell a partial stake to its joint venture partner Air France-KLM for $50 million. This strategic alliance positions WestJet alongside prominent airlines, aiming to strengthen air travel networks and improve customer experiences across North America. Executives from the involved airlines express optimism about the partnerships enhancing value for travelers.
"Delta, Korean and Air France-KLM are among the world's most prominent and best-managed airlines," Tawfiq Popatia, co-head of Onex Partners, said in a statement.
"Investing in a world-class partner like WestJet aligns our interests and ensures that we remain focused on providing a world-class global network and customer experience for travellers in the United States and Canada," Delta CEO Ed Bastian said.
"This strategic partnership will enhance our global network and create long-term value for customers through greater choice and convenience," said Walter Cho, chairman and CEO of Korean Air and Hanjin Group.
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