Delta, Korean Air taking minority stakes in WestJet
A trio of global airlines are set to take equity stakes in Canada carrier WestJet.
The three airlines all have existing partnerships with WestJet and will strengthen this with financial backing.
Delta Air Lines and Korean Air will take equity stakes of a combined 25% in WestJet, worth $550 million.
Delta will take 15% and KAL 10%.
After the deal closes, Delta plans to transfer and sell a 2.3% stake to its joint venture partner Air France-KLM, which also has an existing partnership with WestJet.
This stake transfer is worth about $50 million.
Both Delta and Korean Air each have decade long codeshare agreements with WestJet.
“We are pleased to invest in WestJet as part of our continued commitment to enhancing transpacific connectivity,” said Walter Cho, Chairman and CEO of Korean Air.
“This strategic partnership will enhance our global network and create long-term value for customers.”
“Investing in a world-class partner like WestJet aligns our interests and ensures that we remain focused on providing a world-class global network and customer experience for travelers in the United States and Canada,”
“Together, Delta and our airline partners are connecting the world and transforming the future of travel,” Delta CEO Ed Bastian added.
It is the latest equity investment of an airline by Delta which has taken minority stakes in both the other two airlines as well as LATAM, Aeromexico, Virgin Atlantic and China Eastern.
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