In a sweeping move that further reshapes the global aviation landscape, Delta Air Lines and Korean Air are investing a combined $550 million to acquire minority stakes in Canada’s WestJet, underscoring the ongoing consolidation wave rocking the airline industry since the pandemic.
The investment gives Delta a 15% stake for $330 million and Korean Air a 10% stake for $220 million, both purchased from Onex Partners and its co-investors, the Toronto-based private equity group that bought WestJet in 2019. While Onex retains control of the Calgary-based airline, the deal injects fresh capital and strategic clout into WestJet’s expanding international partnerships.
Strengthening the Skies: From Codeshare to Capital
Both Delta and Korean Air have long-standing codeshare relationships with WestJet—Delta since 2011 and Korean Air since 2012—but this latest investment lifts the collaboration to new heights. Delta, which already holds stakes in carriers across Latin America, Europe, and Asia, is expected to transfer 2.3% of its WestJet stake to joint venture partner Air France-KLM for $50 million following deal closure.
“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.
