https://onemileatatime.com/news/delta-korean-air-invest-westjet/
Delta & Korean Air buy 25% stake in WestJet
Delta and Korean Air have announced plans to strengthen their respective partnerships with WestJet, through the purchase of minority equity stakes in the Canadian airline from Onex Partners (the upper middle market private equity platform of Onex, a Canadian investor and alternative asset manager).
As it’s described, these investments build on each airline’s existing relationship with WestJet, to provide further benefits to customers in North America, Europe, Asia, and beyond.
Under this agreement, Delta and Korean Air will independently acquire stakes totaling 25% in WestJet. Delta will invest $330 million for a 15% stake, while Korean Air will invest $220 million for a 10% stake.
It gets even more interesting. Upon closing, Delta also has the right and intent to sell and transfer a 2.3% stake in WestJet to its joint venture partner Air France-KLM, in exchange for $50 million. This transaction remains subject to certain Air France-KLM approvals.
Delta and Korean Air have both been codeshare partners with WestJet for years. The plan is for there to be an elevated partnership, with “more seamless travel experience for customers worldwide.”