When private equity flies the plane, workers are the turbulence.

In October, The Financial Post revealed that Toronto-based Onex Corporation — the private-equity firm that bought WestJet in 2019 — plans to take the airline public within two years.

That might excite investors, but for thousands of WestJetters who’ve endured layoffs, outsourcing, and constant restructuring, it’s a chilling reminder that private equity’s profits come before people.

“Onex expects WestJet IPO in two years after scoring big deals.”
— Financial Post, Oct 23 2025

For workers, that statement means only one thing: the clock is ticking.

Private Equity’s Playbook: Buy. Cut. Cash Out.

Private-equity firms don’t buy airlines to fly them — they buy them to flip them.
Their formula is simple:

1. Buy a company with borrowed money.
2. Cut costs through outsourcing and “efficiency” programs.
3. Sell or IPO for billions in returns.

Since Onex took WestJet private, workers have seen the pattern unfold:

• Tier 2 and 3 bases eliminated.
• TAC and GSA work outsourced.
• Contact Centre jobs now under threat.

And now, with a planned IPO, the company is being reshaped not for growth — but for sale.

Already Recouped — Now Extracting More

“For Onex, the transaction means it has now received back all of the capital it put into Canada’s second-largest airline, while keeping 75 per cent of the business.”
— Financial Post

Onex has already made back every dollar it invested by selling a 25 per cent stake to Delta Air Lines, Korean Air, and Air France-KLM — while keeping control of the airline.

This is the classic private-equity playbook: get your money out early, then prepare to sell the rest at maximum value.

What That Means for Workers

As Onex positions WestJet for an IPO, it’s clear what comes next:

• More outsourcing and job cuts.
• More “performance” programs like LIFT.
• More pressure and less security.

When the IPO happens, new shareholders will demand higher returns — not better working conditions.
Every cut today makes you look cheaper to the next buyer.

This isn’t about stability. It’s about extracting every dollar before the next sale.

And Now — More TELUS Digital Agents (TDA) Training

Don’t forget — WestJet is training new groups of TELUS Digital Agents (TDA) right now.
Another class starts in November, and another in December.

If you think Onex is done replacing Canadian jobs with offshore labour, you’re wrong.
These new hires are a signal that outsourcing is accelerating, not ending.

To those still watching from the sidelines: this is the moment to act.
We hear from workers every day who say, “I love my job and serving our guests — but TDAs are already on the phones now!”

Get off the sidelines and sign your card.
If you don’t stand up for your job, someone else will be trained to take it.

The Solution: Worker Power Before the Sale

Unionized WestJet employees already have collective agreements that protect jobs from outsourcing, set clear wage grids, and require just cause for discipline.

Contact Centre and operations workers deserve the same.

Unionizing isn’t about resisting change — it’s about making sure you have a say in it.

“Private equity firms come and go. But the people who built WestJet deserve a voice that lasts.”

Now is the time to act.
Every card signed moves us closer to a collective agreement that protects Canadian jobs and restores WestJet’s values of fairness and community.

The Bottom Line

Onex’s two-year IPO plan is a countdown — not for investors, but for workers.
Will WestJetters still be passengers on this journey, or pilots of their own future?

Sign your confidential Unifor membership card: join.unifor.org/westjet

Billy O’Neill
Unifor National Representative, Organizing
📞 416.605.1443
✉️ billy.oneill@unifor.org

Lucy Alessio
Unifor National Coordinator, Organizing
📞 416.998.3189
✉️ lucy.alessio@unifor.org

Don’t wait—click here to sign your card today!