Delta Air Lines and Korean Air announced on May 9, 2025, that they will acquire a combined 25% minority stake in Calgary-based WestJet from Onex Partners, part of Canadian investment firm Onex Corporation. The transaction will see Delta invest US$330 million for a 15% stake and Korean Air invest US$220 million for 10%, totaling US$550 million (approximately C$749 million at the time of announcement). The Onex Group, including affiliated funds and co-investors, will continue to retain control of WestJet following the transaction.

As part of the deal, Delta intends to sell 2.3% of its WestJet stake to joint venture partner Air France-KLM for US$50 million (approx. C$68 million), subject to regulatory and internal approvals. These strategic investments are designed to deepen the carriers’ existing partnerships with WestJet, enhancing connectivity and customer service across North America, Europe, and Asia.

Delta and WestJet have collaborated since 2011, while Korean Air has maintained a codeshare partnership with WestJet since 2012. The broader alliance will deliver an improved and seamless global travel experience for passengers.

Barclays is acting as financial advisor to WestJet and Onex on the transaction. Legal advisors were not disclosed in the announcement. The equity investments remain subject to regulatory approvals. This move underscores WestJet’s strategic value and the confidence of global airline leaders in the Canadian market.