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Onex to sell minority stakes in WestJet to Korean Air and Delta
Onex Corp. is selling minority stakes in WestJet Airlines to Korean Air and Delta Air Lines for a total of US$550 million.
Under the deals Korean Air will buy a 10 per cent stake for US$220 million and Delta will acquire a 15 per cent stake for US$330 million.
After the deal closes, Delta plans to sell a 2.3 per cent stake in WestJet to its joint venture partner Air France-KLM for US$50 million.
Onex acquired Calgary-based WestJet in 2019.
WestJet and Delta have been partners since February 2011, and Korean Air and WestJet partnered in June 2012.
Delta, Korean Air, KLM and Air France are members of the SkyTeam Airline Alliance. Air Canada is a member of the rival Star Alliance network.
With files from The Canadian Press
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