Korean Air said Thursday it has completed its acquisition of an 11.02 percent stake and bonds in Kestrel Topco and Kestrel Holdings, the parent companies of Canada’s second-largest airline, WestJet, for $217 million.
The South Korean flag carrier signed a share purchase agreement in May to acquire the stake in WestJet’s holding company, and has now finalized the transaction. The stake corresponds to a 10 percent ownership in WestJet.
Delta Air Lines, one of the flag carriers of the United States, and Air France-KLM, a group comprising France’s Air France and the Netherlands’ KLM Royal Dutch Airlines, also participated in the deal. Both are founding members of the SkyTeam alliance alongside Korean Air.
Walter Cho, chair and CEO of Korean Air and Hanjin Group, has been appointed to WestJet’s board of directors following this acquisition. It also includes aviation figures such as Air France-KLM CEO Benjamin Smith and former British Airways CEO Alex Cruz.
Korean Air said the move is expected to strengthen Korean Air’s presence in the Canadian aviation market, valued at around $33 billion and ranked 7th globally. It has seen double-digit growth since 2019.
The carrier also noted that it plans to continue expanding global partnerships and enhancing customer choice and convenience, alongside its merger with Asiana Airlines, to reinforce its position as a leading global carrier.
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