This transaction was initially announced on May 9th, 2025. Air France-KLM has partnered with WestJet since 2009, with the launch of interline ticketing. Since then, the partnership has grown to include code sharing and reciprocal benefits for loyalty members.
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Air France-KLM purchased the 2.3% stake from its joint venture partner Delta Air Lines, which had taken a 15% minority stake in WestJet, as part of a previously announced separate transaction also involving Korean Air’s purchase of a 10% interest.
The shares purchased by all three airlines represent a 25% combined interest (Delta Air Lines: 12.7%, Korean Air: 10% and Air France-KLM: 2.3%), sold by funds and co-investors affiliated with Onex Partners, a Canadian investor and alternative asset manager which is WestJet’s controlling shareholder.
Under the terms of the agreements, Delta Air Lines has acquired a 15 per cent minority equity stake in WestJet from the Onex Group, with Korean Air acquiring a further 10 per cent. Upon closing, and as initially announced, Delta Air Lines sold and transferred a 2.3 per cent 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 per cent, Korean Air: 10 per cent, Air France-KLM: 2.3 per cent.
The Onex Group, which includes Onex Partners and its affiliated funds and co-investors, will continue to own and control WestJet, retaining 75 per cent of the Group’s original investment.