WestJet IPO Possible After Onex Sells Stake to Global Airlines

WestJet (WS, Calgary) could soon pursue an initial public offering (IPO) after majority owner Onex Corporation sold a 25% stake in the airline to Delta Air Lines, Korean Air, and Air France-KLM, according to a Bloomberg report.

Tawfiq Popatia, head of Onex Partners, said an IPO would be a “natural next step” given the airline industry’s capital-intensive nature, suggesting that a public listing could take place within a few years.

The USD 550 million sale, completed on October 22, 2025, gives Delta a 12.7% share, Korean Air 10%, and Air France-KLM 2.3%, while Onex retains a controlling 75% interest. The deal allows Onex to recoup its full investment in WestJet while maintaining operational control.

Since taking the airline private in 2019, Onex has led a significant transformation at WestJet—streamlining operations, strengthening its presence in Western Canada, and expanding international routes. The carrier recently placed a major order with Boeing for 60 737-10s and seven 787-9s, with additional options for 29 aircraft.

The fleet modernization and growing transatlantic partnerships with Delta and Air France-KLM position WestJet for renewed growth—and potentially, a future return to the public markets.

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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com