Delta, Korean Air to strengthen partnerships with WestJet
Delta Air Lines and Korean Air are set to acquire minority equity stakes totaling 25% in WestJet from Onex Partners for US$550 million. Delta will invest US$330 million for a 15% stake, while Korean Air will invest US$220 million for a 10% stake. Delta plans to subsequently sell a 2.3% stake to Air France-KLM for US$50 million, subject to approvals.
The investment builds on existing codeshare partnerships, with Delta partnering with WestJet since 2011 and Korean Air since 2012. The enhanced partnerships aim to strengthen connectivity between Canada and North America, Europe, and Asia, providing customers with more seamless travel options and an elevated experience worldwide.
Delta Air Lines e Korean Air acquisiranno partecipazioni azionarie di minoranza per un totale del 25% in WestJet da Onex Partners per 550 milioni di dollari USA. Delta investirà 330 milioni di dollari per una quota del 15%, mentre Korean Air investirà 220 milioni di dollari per una quota del 10%. Successivamente, Delta prevede di vendere una quota del 2,3% ad Air France-KLM per 50 milioni di dollari, soggetto a approvazioni.
L'investimento si basa sulle partnership di codeshare già esistenti, con Delta che collabora con WestJet dal 2011 e Korean Air dal 2012. Queste partnership rafforzate mirano a migliorare la connettività tra Canada e Nord America, Europa e Asia, offrendo ai clienti opzioni di viaggio più fluide e un'esperienza elevata a livello globale.
Delta Air Lines y Korean Air adquirirán participaciones minoritarias que suman el 25% en WestJet de Onex Partners por un total de 550 millones de dólares estadounidenses. Delta invertirá 330 millones de dólares por una participación del 15%, mientras que Korean Air invertirá 220 millones de dólares por una participación del 10%. Posteriormente, Delta planea vender una participación del 2,3% a Air France-KLM por 50 millones de dólares, sujeto a aprobaciones.
La inversión se basa en las asociaciones de codeshare existentes, con Delta asociada a WestJet desde 2011 y Korean Air desde 2012. Las asociaciones mejoradas buscan fortalecer la conectividad entre Canadá y Norteamérica, Europa y Asia, brindando a los clientes opciones de viaje más fluidas y una experiencia mejorada a nivel mundial.
델타 항공과 대한항공은 Onex Partners로부터 WestJet의 소수 지분 25%를 총 5억 5천만 달러에 인수할 예정입니다. 델타는 15% 지분에 대해 3억 3천만 달러를 투자하고, 대한항공은 10% 지분에 대해 2억 2천만 달러를 투자합니다. 델타는 이후 2.3% 지분을 에어프랑스-KLM에 5천만 달러에 매각할 계획이며, 이는 승인 절차를 거쳐야 합니다.
이번 투자는 델타가 2011년부터, 대한항공이 2012년부터 WestJet과 맺어온 기존 코드쉐어 파트너십을 기반으로 합니다. 강화된 파트너십은 캐나다와 북미, 유럽, 아시아 간의 연결성을 강화하여 고객에게 보다 원활한 여행 옵션과 향상된 글로벌 경험을 제공하는 것을 목표로 합니다.
Delta Air Lines et Korean Air vont acquérir des participations minoritaires totalisant 25 % dans WestJet auprès d'Onex Partners pour 550 millions de dollars américains. Delta investira 330 millions de dollars pour une participation de 15 %, tandis que Korean Air investira 220 millions de dollars pour une participation de 10 %. Delta prévoit ensuite de vendre une participation de 2,3 % à Air France-KLM pour 50 millions de dollars, sous réserve d'approbations.
Ce partenariat s'appuie sur des accords de partage de codes existants, Delta collaborant avec WestJet depuis 2011 et Korean Air depuis 2012. Ces partenariats renforcés visent à améliorer la connectivité entre le Canada, l'Amérique du Nord, l'Europe et l'Asie, offrant aux clients des options de voyage plus fluides et une expérience améliorée à l'échelle mondiale.
Delta Air Lines und Korean Air werden Minderheitsbeteiligungen von insgesamt 25 % an WestJet von Onex Partners für 550 Millionen US-Dollar erwerben. Delta investiert 330 Millionen US-Dollar für einen 15%igen Anteil, während Korean Air 220 Millionen US-Dollar für einen 10%igen Anteil investiert. Delta plant anschließend, einen 2,3%igen Anteil für 50 Millionen US-Dollar an Air France-KLM zu verkaufen, vorbehaltlich der Genehmigungen.
Die Investition baut auf bestehenden Codeshare-Partnerschaften auf, wobei Delta seit 2011 und Korean Air seit 2012 mit WestJet zusammenarbeitet. Die erweiterten Partnerschaften zielen darauf ab, die Konnektivität zwischen Kanada sowie Nordamerika, Europa und Asien zu stärken und den Kunden nahtlosere Reiseoptionen sowie ein verbessertes Erlebnis weltweit zu bieten.
- Strategic investment of US$550 million strengthens WestJet's financial position
- Enhanced global network connectivity across North America, Europe, and Asia
- Partnership with major airlines (Delta, Korean Air, Air France-KLM) expands market reach
- Potential for improved customer benefits and seamless travel experience
- Regulatory approvals still pending for the transaction
- Onex Group maintains control, limiting direct influence of new airline partners
Delta, Korean Air to strengthen partnerships with WestJet
- Delta and Korean to acquire independent equity stakes totaling
25% in WestJet for US$550 million from Onex Partners and its affiliated funds and co-investors (the “Onex Group”) - Agreement will further align airlines’ interests, expand customer benefits and strengthen connectivity between Canada and North America, Europe and Asia and beyond
Delta Air Lines and Korean Air will strengthen their respective partnerships with WestJet through the purchase of minority equity stakes in the Canadian airline from Onex Partners, the upper middle market private equity platform of Onex, a Canadian investor and alternative asset manager. Affiliated funds and co-investors of the Onex Group intend to participate in the sale alongside Onex Partners. These investments build on each airline’s existing relationship with WestJet to provide further benefits to customers in North America, Europe, Asia and beyond.
Under the agreements announced today, Delta and Korean will acquire independent equity stakes totaling
Upon closing, Delta has the right and intent to sell and transfer a
Delta and Korean have each been codeshare partners with WestJet for years. The broader partnerships will support future benefits for travelers, including an elevated, more seamless travel experience for customers worldwide.
“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 travelers in the United States and Canada,” said Delta CEO Ed Bastian. “Together, Delta and our airline partners are connecting the world and transforming the future of travel.”
“We are pleased to invest in WestJet as part of our continued commitment to enhancing transpacific connectivity,” said Walter Cho, Chairman and CEO of Korean Air and Hanjin Group. “This strategic partnership will enhance our global network and create long-term value for customers through greater choice and convenience.”
“Delta, Korean and Air France-KLM are among the world’s most prominent and best-managed airlines. Onex is delighted to welcome them as shareholders in WestJet,” said Tawfiq Popatia, Co-Head of Onex Partners.
"These investments, and the enhanced partnerships they bring, are an endorsement of our people and WestJet’s differentiated performance through an extraordinary period for aviation in recent years," said WestJet CEO Alexis von Hoensbroech.
Delta and WestJet have been partners since February 2011, providing an expanded global network and seamless travel options for customers on both sides of the U.S.-Canada border. Delta, which is celebrating its 100th anniversary, has proudly been serving the people of Canada for more than 90 years. In recent years, Delta has made equity investments with several international partners, including Air France-KLM, LATAM, Aeromexico, Virgin Atlantic, China Eastern and Korean Air’s parent company, Hanjin KAL.
Korean Air and WestJet have partnered since June 2012, steadily expanding their transpacific connectivity. Through their codeshare agreement, travelers on both sides of the Pacific can access flights between Seoul Incheon and Vancouver, Toronto, and Calgary, with onward connections to WestJet’s domestic Canadian and U.S. routes, as well as Korean Air’s extensive Asian network.
Barclays is acting as financial advisor to WestJet and Onex on the transaction. The agreement is subject to certain regulatory approvals.
About Delta Air Lines
Through exceptional service and the power of innovation, Delta Air Lines (NYSE: DAL) never stops looking for ways to make every trip feel tailored to every customer. There are 100,000 Delta people leading the way to deliver a world-class customer experience on up to 5,000 daily Delta and Delta Connection flights to more than 290 destinations on six continents, connecting people to places and to each other. Delta served more than 200 million customers in 2024 -- safely, reliably and with industry-leading customer service innovation – and was recognized by J.D. Power this year for being No. 1 in First/Business and Premium Economy Passenger Satisfaction. The airline also was recognized as the top U.S. airline by the Wall Street Journal and as North America’s most on-time airline in 2024 and our people earned the Platinum Award for Operational Excellence from Cirium.
About Korean Air
Serving the world for more than 55 years, Korean Air is one of the world's top 20 airlines, carrying more than 23 million passengers in 2024. With its global hub at Incheon International Airport (ICN), the airline serves 117 cities in 40 countries on five continents with a modern fleet of 163 aircraft and over 20,000 professional employees.
Korean Air's outstanding performance and commitment to the highest level of safety and customer service has widely been recognized. The airline has been granted numerous awards including a 5-star airline rating from Skytrax as well as Airline of the Year from both Air Transport World and Airline Ratings. Korean Air is a founding member of the SkyTeam airline alliance, and has grown into one of the largest transpacific airlines through its joint venture with Delta Air Lines.
For more information about Korean Air, please visit www.koreanair.com, Korean Air Newsroom, facebook.com/KoreanAir, instagram.com/KoreanAirworld and x.com/KoreanAir_KE.
About WestJet
WestJet took to the skies in 1996 with just over 200 employees and three aircraft operating service to five destinations. Since then, WestJet has pioneered low-cost travel in Canada, cutting airfares in half, and increasing the flying population in Canada by more than 50 per cent. Following integration with Sunwing in 2025, more than 14,000 WestJetters support nearly 200 aircraft and connect guests to more than 100 destinations across North America, Central America, the Caribbean, Europe and Asia.
About Onex
Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals. In total, Onex has approximately
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