Source: WestJet
Onex Partners and WestJet today announced the successful closing of the sale of minority equity stakes in WestJet 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).
“Our new partners are widely regarded as among the best-performing and most innovative airlines in the world,” said Tawfiq Popatia, Head of Onex Partners and Board Director at WestJet. “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.”
The transaction, which was announced on May 9, 2025, closed on October 22, 2025.
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.
“This closing marks a milestone in our airline partnerships, building on existing relationships and reflecting confidence in WestJet’s strategy, performance, and people,” said Alexis von Hoensbroech, Chief Executive Officer of the WestJet Group. “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.”