Onex Partners and WestJet have finalised the sale of minority equity stakes in the Canadian carrier to Delta Air Lines, Korean Air, and Air France-KLM. The sale marks a new chapter in WestJet’s international partnerships while keeping control with Onex Partners, the private equity platform of Onex Corporation.
The transaction, first announced on May 9, 2025, officially closed on October 22, 2025. Under the deal, Delta Air Lines acquired a 15% stake in WestJet from the Onex Group, while Korean Air purchased a further 10%. Following completion, Delta transferred 2.3% of its shareholding to its joint venture partner, Air France-KLM. The final shareholding positions are Delta Air Lines at 12.7%, Korean Air at 10%, and Air France-KLM at 2.3%.
The Onex Group, which includes Onex Partners and its affiliated funds and co-investors, will retain 75% of its original ownership. This means it continues to control WestJet, ensuring long-term stability and strategic direction.
Tawfiq Popatia, Head of Onex Partners and a Board Director at WestJet, said the airline’s new investors are among the most innovative and successful in the industry. He noted that the investment has generated strong returns despite the severe disruption caused by the pandemic. He added that Onex looks forward to continuing to build value for both existing and new investors.
The arrival of Delta, Korean Air, and Air France-KLM as shareholders strengthens WestJet’s ties with leading global carriers. It also deepens its access to international routes, technology, and expertise.
This partnership reflects growing cooperation between major airlines, positioning WestJet for greater competitiveness and global reach while maintaining its Canadian roots under Onex’s stewardship.
