Korean Air acquires stake in WestJet’s parent companies, strengthening partnership in Canadian market

 (Seoul, October 23, 2025) - Korean Air announced today it has acquired a 11.02% stake in WestJet’s parent companies, Kestrel Topco Inc. and Kestrel Holdings Inc, through an investment of USD 217 million. This investment represents a 10% equity stake in WestJet, Canada’s second-largest airline.

The transaction, first agreed upon on May 9, 2025 has now been completed, with Delta Air Lines and Air France-KLM also investing in WestJet’s parent companies. 

Walter Cho, Chairman and CEO of Hanjin Group and Korean Air, has also been appointed to WestJet’s Board of Directors. Board members also include other global aviation leaders such as Benjamin Smith, CEO of Air France-KLM, and Alex Cruz, former Chairman and CEO of British Airways. 

In addition to his ongoing role as a key leader on the International Air Transport Association (IATA)’s Board of Governors since 2019, Walter Cho's appointment is expected to support future benefits for travelers and contribute to the sustainable growth of the global aviation industry.

The investment underscores the growing importance of the Canadian aviation market, which was valued at USD 33 billion in 2024 and ranked among the world’s top ten, with double-digit growth since 2019.

Building on its ongoing integration with Asiana Airlines, Korean Air will continue to pursue diverse strategic partnerships across the global aviation market to broaden customer choice, enhance convenience, and reinforce its position as a leading global airline.

 

Tags: Walter Cho, Hanjin Group Korean Air