Onex Corp. is selling minority stakes in WestJet to Delta Air Lines and Korean Air for a total of US$550 million.
Under the deals announced Friday, Delta will acquire a 15 percent stake in the Calgary-based airline for US$330 million, while Korean Air will buy a 10 percent stake for US$220 million.
After the deal closes, Delta plans to sell a 2.3 percent stake in WestJet to its joint venture partner Air France-KLM for US$50 million.
Onex acquired WestJet in 2019.
“Delta, Korean and Air France-KLM are among the world’s most prominent and best-managed airlines,” Tawfiq Popatia, co-head of Onex Partners, said in a statement….