Korean Air Strengthens Presence in Canada with Strategic Stake in WestJet

Reporter Kim Jisun / approved : 2025-10-24 03:31:03
  • -
  • +
  • 인쇄

Photo = Korean Air

 

 

[Alpha Biz= Kim Jisun] SEOUL, South Korea – October 23, 2025 – Korean Air has finalized the acquisition of a strategic 10% stake in WestJet, Canada’s second-largest airline, reinforcing its footprint in the North American aviation market.


According to the company’s regulatory filing, Korean Air acquired an 11.02% combined interest in Kestrel Topco Inc. and Kestrel Holdings Inc.—the parent companies of WestJet—for US$217 million (₩311 billion). The transaction includes both equity and related bonds.


Korean Air first signed a share purchase agreement on May 9 and has now completed the closing process. The deal also involves major global partners Delta Air Lines and Air France-KLM, underscoring the expanding transatlantic alliance network among leading carriers.


As part of the partnership, Walter Cho, Chairman and CEO of the Hanjin Group, has been appointed to WestJet’s board of directors, joining other prominent global aviation figures including Benjamin Smith, CEO of Air France-KLM, and Alex Cruz, former Chairman of British Airways.


Cho has served since 2019 as a Board of Governors (BOG) member of the International Air Transport Association (IATA), the aviation industry’s top decision-making body, and is widely recognized as a key global leader in the airline sector.


Through this acquisition, Korean Air aims to strengthen its position in the Canadian aviation market, valued at US$33 billion and ranked as the seventh-largest worldwide. The Canadian air travel market has posted double-digit annual growth since 2019, reflecting strong demand for transpacific and domestic routes.


Industry observers note that the WestJet deal may also deepen Korean Air’s alliance with Delta Air Lines, which holds a 14.9% stake in Hanjin KAL, Korean Air’s holding company. The move is seen as part of Chairman Cho’s broader strategy to consolidate management control and expand global cooperation amid competition from domestic shareholder groups.

 

 

Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)

주요기사

Hana Securities Lowers HMM Target Price to ₩21,000 on Weaker Freight Rates2025.10.24
iPhone 17 Users Report Widespread Cellular Connection Issues — Apple Remains Silent2025.10.24
Korea Accounting Standards Board Denies Reports of IFRS Investigation into Samsung Life Insurance2025.10.24
Kyochon Chicken Executive Under Fire for Internal Message Blaming Franchisees and Media over “Shrinkflation” Backlash2025.10.24
Eight Cyberattacks Hit South Korea’s Financial Sector in 2025 — Lotte Card Breach Exposed Data of 2.97 Million Customers2025.10.24
뉴스댓글 >

건강이 보이는 대표 K Medical 뉴스

HEADLINE

PHOTO

많이 본 기사