DALLAS — Delta Air Lines (DL) and Korean Air (KE) will deepen their agreements with WestJet (WS) by acquiring minority equity holdings in the Canadian airline from Onex Partners, Onex's upper-middle market private equity platform.
The American and South Korean carriers will purchase 25% of the Canadian carrier's independent ownership holdings. DL will pay US$330 million to acquire a 15% share, while KE will invest US$220 million for a 10% stake.
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Delta has the right and purpose to sell and transfer a 2.3% share in WS to its Joint Venture partner Air France-KLM (AF-KL), which is also an existing WestJet partner, for US$50 million after the transaction closes. This separate transaction would be subject to the necessary AF-KL clearances. The Onex Group will continue to own and govern WS, which is situated in Calgary, Alberta.
Delta and KE have partnered with WS since 2011 and 2012, respectively. The expanded relationships will benefit travelers in the future, such as an improved, more seamless travel experience for customers worldwide.
Barclays is acting as WS and Onex's financial advisor on the transaction. The agreement is subject to regulatory approvals.
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Comments from Airline Triad
“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,” said Delta CEO Ed Bastian. “Together, Delta and our airline partners are connecting the world and transforming the future of travel.”
“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 and Hanjin Group. “This strategic partnership will enhance our global network and create long-term value for customers through greater choice and convenience.”
“Delta, Korean and Air France-KLM are among the world’s most prominent and best-managed airlines. Onex is delighted to welcome them as shareholders in WestJet,” said Tawfiq Popatia, Co-Head of Onex Partners.
"These investments, and the enhanced partnerships they bring, are an endorsement of our people and WestJet’s differentiated performance through an extraordinary period for aviation in recent years," said WestJet CEO Alexis von Hoensbroech.
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