Korean Air buys 10% of WestJet for $217 million
Korean Air finalized its purchase of an 11.02 percent share in WestJet’s parent companies for $217 million on Thursday. The South Korean carrier signed the agreement in May and now holds a 10 percent stake in Canada’s second-largest airline.
Delta Air Lines and Air France-KLM joined the transaction as fellow members of the SkyTeam alliance. Walter Cho, who leads Korean Air and Hanjin Group, joined WestJet’s board alongside Benjamin Smith from Air France-KLM and former British Airways chief Alex Cruz.
The investment strengthens Korean Air’s position in Canada’s $33 billion aviation market, which ranks seventh worldwide and has expanded substantially since 2019. The carrier plans further global partnerships as it completes its merger with Asiana Airlines.
