Delta, Korean Air to acquire 25% stake in Canada’s WestJet in US$550 million deal

Delta Air Lines and Korean Air will 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.

Under the agreements, Delta and Korean will acquire independent equity stakes totaling 25% in WestJet. Delta will be investing US$330 million and acquiring a 15% stake, and Korean will invest US$220 million…