The two airlines said Friday they purchased independent equity stakes totalling 25 per cent in Canadian carrier WestJet from Toronto-based private equity firm Onex Partners, which acquired WestJet in 2019. Delta Air Lines will invest US$330 million for a 15 per cent stake, while Korean Air will acquire a 10 per cent stake for US$220 million. Delta can opt to sell 2.3 per cent of the purchase to Air France-KLM for US$50 million when the deal closes. (The Logic)
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The two airlines said Friday they purchased independent equity stakes totalling 25 per cent in Canadian carrier WestJet from Toronto-based private equity firm Onex Partners, which acquired WestJet in 2019. Delta Air Lines will invest US$330 million for a 15 per cent stake, while Korean Air will acquire a 10 per cent stake for US$220 million. Delta can opt to sell 2.3 per cent of the purchase to Air France-KLM for US$50 million when the deal closes. (The Logic)
Talking point: Both Delta and Korean have partnered with WestJet since 2011, and Delta has a joint venture with international airlines Air France, Virgin Atlantic and KLM. The sale comes as WestJet recently suspended multiple routes that cross into the U.S., as demand from Canadians going south dwindles.
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