Korean Air and Delta Air Lines acquire a combined 25% stake in WestJet from Onex for approximately US$550M

On October 22, 2025, Korean Air and Delta Air Lines acquired a combined 25% stake in WestJet from Onex, a Canadian investment firm, for approximately US$550 million. Following the completion of the acquisition, Korean Air owned 10%, and Delta Air Lines owned 15% of WestJet. Delta Air Lines sold and transferred a 2.3 per cent stake in WestJet to its Joint Venture partner Air France-KLM. 

Korean Air, headquartered in Seoul, South Korea, is the flag carrier of South Korea and its largest airlines by fleet size, international destinations, and international flights.

Delta Air Lines, based in Atlanta, Georgia, is an aviation company that provides air transportation for passengers and cargo across the United States and internationally.

WestJet, operating out of Calgary, Alberta, is the second-largest air carrier in Canada by annual passenger volume and fleet size.

McCarthy Tétrault advised Korean Air with a team led by Shevaun McGrath and David Choi that included Ivor Selimovic, Spencer Baron and Nicholas Geringer (M&A), Dominic Thérien, Alykhan Rahim and Lucinda Chitapain (Competition/Antitrust), Brian Lipson and Jody Aldcorn (Transportation), Una Radoja, Selina Lee-Andersen, Rachael Carlson (Environmental), William Lee and Angela Oh (Financial Services), Vincent Yip (Intellectual Property), John Boscariol and Gajan Sathananthan (International Trade), Ben Aberant and Sheren Kamaei (Labour & Employment), Christine Wadsworth (Litigation), Julia Miller (Pensions & Benefits), Sarit Pandya (Real Property & Planning), Brett Anderson, Jeremy Ho, Adam Unick and Daniel Downie (Tax), Michael Scherman, Jamie Parker and Mohammed M'Hiri (Technology).