WestJet (WS, Calgary) could be headed for a public listing after Onex (Canada), an investment firm, sold a 25% stake in the Canadian carrier to Delta Air Lines, Korean Air, and Air France-KLM, Bloomberg reports.
"An IPO would be a natural next step because airlines are very large, capital-hungry enterprises," Tawfiq Popatia, head of Onex Partners, told Bloomberg in an interview. He suggested that a listing could happen within a few years.
The USD550 million sale, announced on May 9, 2025, and closed on October 22, makes Delta a 12.7% owner, with Korean Air holding 10% and Air France-KLM 2.3%, while Onex retains a 75% majority. Under the terms of the agreement, Delta Air Lines acquired a 15% minority equity stake in WestJet from Onex Group but immediately sold and transferred 2.3% to joint venture partner Air France-KLM.
Onex Group, which includes Onex Partners and its affiliated funds and co-investors, continues to own and control WestJet, which it took private in 2019. The transaction means Onex has won back all the capital it put into WestJet while keeping control of the business.
Since privatisation, WestJet has overhauled its operations, focusing on growth in western Canada, expanding its international routes, and modernising its fleet. It recently announced an order for sixty B737-10s and seven B787-9s from Boeing with additional options for 25 and four units, respectively. The deal will see the airline double its widebody fleet and brings its order book to 128 Boeing aircraft, according to ch-aviation fleet data. That includes 107 B737-10s, fourteen B737-8s, and the seven B787-9s.
