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Onex Partners Closes Sale of 25 Percent Stake in WestJet to Delta, Korean Air, and Air France-KLM

WestJet has announced the successful closing of the sale of a 25 percent minority equity stake in WestJet to Delta Air Lines, Korean Air and Air France-KLM from Onex Partners.


WestJet Boeing 737-8 MAX - Courtesy WestJet
WestJet Boeing 737-8 MAX - Courtesy WestJet

On Wednesday (October 22, 2025), WestJet announced the successful closing of the sale of minority equity stakes in the company to Delta Air Lines, Korean Air and Air France-KLM from Onex Partners, the upper middle market private equity platform of Onex, a Canadian investor and alternative asset manager, and affiliated funds and co-investors (the Onex Group). The transaction was originally announced on May 9, 2025, and closed on October 22, 2025.  The Onex Group will continue to own and control WestJet, retaining 75 percent of the Group’s original investment.


In Wednesday, announcement, WestJet Board Director and Head of Onex Partners, Tawfiq Popatia, said,


“Our new partners are widely regarded as among the best-performing and most innovative airlines in the world.  This investment has created a terrific amount of value for Onex Partners and its investors to date, including through the unprecedented headwinds posed by the pandemic. We look forward to building on this track record for all of WestJet's investors, both new and continuing.”


Also commenting on the transaction closing, WestJet Group’s CEO, Alexis von Hoensbroech, said,


“This closing marks a milestone in our airline partnerships, building on existing relationships and reflecting confidence in WestJet’s strategy, performance, and people.  We are proud to welcome our new airline shareholders and look forward to further strengthening our partnerships with their airlines to create long-term value for guests.”


Under the agreements, Delta Air Lines has acquired a 15 percent minority equity stake in WestJet from the Onex Group, with Korean Air acquiring a further 10 per cent.  Upon closing, Delta sold and transferred a 2.3 percent stake in WestJet to its Joint Venture partner Air France-KLM.  As a result, the respective stakes of the partners stand as follows: Delta Air Lines: 12.7 percent, Korean Air: 10 percent, Air France-KLM: 2.3 percent.



Source: WestJet/CNW

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