Onex Partners has sold a 25% stake in Calgary-based airline WestJet for US$550 million, with Delta Air Lines acquiring 15% for US$330 million and Korean Air taking 10% for US$220 million. The deal includes an option for Delta to sell 2.3% of its share to Air France-KLM for US$50 million upon closing.
Onex acquired WestJet in 2019. Delta and Korean Air have partnered with WestJet since 2011. The move comes as WestJet adjusts operations, recently suspending several U.S.-bound routes due to declining demand from Canadian travelers.
Want to know more? Check out the source code on The Logic.