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Korean Air has announced that it has acquired an 11.02% stake in WestJet’s parent companies, Kestrel Topco Inc. and Kestrel Holdings Inc, through an investment of $217 million. This investment represents a 10% stake in the capital of Canada’s second largest airline.
Walter Cho, president 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 current role as a key leader on the International Air Transport Association (IATA) 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 marks the importance of the Canadian aviation market, valued at $33 billion in 2024 and ranked among the top ten in the world, with double-digit growth since 2019.
Building on its current integration with Asiana Airlines, Korean Air will continue to pursue various partnerships across the aviation market.
