Onex Partners and its affiliated funds and co-investors close sale of 25 per cent equity stake in WestJet to Delta, Korean Air and Air France-KLM

CALGARY, AB, Oct. 22, 2025 /CNW/ - 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."

About Onex

Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals. In total, Onex has approximately $55.9 billion in assets under management, of which $8.4 billion is Onex' own investing capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex' platforms. Onex is listed on the Toronto Stock Exchange under the symbol ONEX.  For more information on Onex, visit its website at www.onex.com. Onex' security filings can also be accessed at www.sedarplus.com. 

About WestJet  

WestJet took to the skies in 1996 with just over 200 employees and three aircraft operating service to five destinations. Since then, WestJet has pioneered low-cost travel in Canada, cutting airfares in half, and increasing the flying population in Canada by more than 50 per cent. Following integration with Sunwing in 2025, more than 14,000 WestJetters support nearly 200 aircraft and connect guests to more than 100 destinations across North America, Central America, the Caribbean, Europe and Asia. 

As a major Canadian employer that includes WestJet Airlines, Sunwing Vacations Group and WestJet Cargo, the WestJet Group is Canada's leading low-cost airline and largest vacation provider, with a united purpose of providing affordable and accessible air and vacation travel to Canadians. 

Learn more about WestJet at westjet.com/en-ca/who-we-are (also available in French)  

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SOURCE WESTJET, an Alberta Partnership