Korean Air’s A330-300 aircraft (Image courtesy of Korean Air)
SEOUL, Oct. 23 (Korea Bizwire) — Korean Air Co. said Thursday it has completed a $217 million investment in the parent companies of WestJet Airlines Ltd., Canada’s second-largest carrier, as part of a broader push to strengthen its network and partnerships across North America.
The deal gives Korean Air a 10% equity stake in Kestrel Topco Inc. and Kestrel Holdings Inc., which control WestJet. The investment, initially announced in May, was finalized this week with Delta Air Lines Inc. and Air France-KLM also taking part.
As part of the agreement, Hanjin Group Chairman Cho Won-tae—who also serves on the International Air Transport Association’s board of governors—has joined WestJet’s board of directors. Korean Air said his appointment is expected to enhance cooperation with global partners and deliver greater benefits for travelers through joint initiatives.
The move underscores the growing strategic value of the Canadian aviation market, estimated at $33 billion this year and among the world’s top 10. The sector has seen double-digit annual growth since 2019, driven by expanding passenger demand and new transpacific routes.
Korean Air said it plans to continue building global partnerships and expanding its long-haul reach through ventures like its ongoing merger with Asiana Airlines Inc. “This investment strengthens our position in North America and supports our goal of becoming a leading global airline,” the company said.
M. H. Lee (mhlee@koreabizwire.com)
