TORONTO — The head of Onex Partners says the company expects to take WestJet public, possibly in the next couple of years.

As Onex Partners’ Tawfiq Popatia told The Financial Post: “An IPO would be a natural next step because airlines are very large, capital-hungry enterprises. I think that would be a natural thing to expect in a couple of years.”

Last week WestJet announced the completion of a major equity transaction that saw Delta Air Lines, Korean Air and Air France-KLM acquire a combined 25% equity stake in the Canadian carrier from Onex Partners and its affiliated funds and co-investors.

The sale, first announced in May 2025, officially closed on Oct. 22. Under the terms of the agreement, Delta Air Lines acquired a 15% minority equity stake and Korean Air took a 10% share. Upon closing, and as initially announced, Delta sold and transferred a 2.3% stake in WestJet to its joint venture partner, Air France-KLM. The final ownership breakdown now stands at Delta Air Lines with 12.7%, Korean Air with 10%, and Air France-KLM with 2.3%.

Following the transaction, Onex Partners and its affiliated investors will continue to own and control WestJet, retaining 75% of their original investment in the airline.