Ever tried to track down exactly who owns Aeromexico Airlines while sitting in a terminal at AICM? You’d think it’d be a straightforward "Mexico owns it" or "Delta owns it" kind of deal.
Honestly, it’s a total maze.
If you're looking for a single name on a deed, you won’t find it. Following a wild ride through a Chapter 11 bankruptcy and a massive New York Stock Exchange (NYSE) comeback in late 2025, the "Eagle Knight" is now a patchwork of Wall Street power players, airline giants, and Mexican investors.
The Current Power Players (2026 Edition)
As of January 2026, the ownership of Grupo Aeromexico is split between institutional heavyweights and public shareholders. The days of it being a purely Mexican-family-owned legacy are long gone, though the law still requires a specific touch of local control.
Apollo Global Management is the name you’ll see at the top of most filings. This private equity giant basically saved the airline during its restructuring. After the big IPO in November 2025, Apollo’s stake sat at roughly 19.1%. They’ve been trimming it down slightly to cash in on the airline’s recovery, but they are still the "big boss" in the boardroom.
Then there’s Delta Air Lines.
Delta is the interesting one. They used to own nearly half the company before the pandemic. When Aeromexico went through bankruptcy, Delta’s stake got wiped down to about 20%. As we sit here in 2026, Delta is hovering right around that 18.7% to 20% mark. They’d likely own more if they could, but they’ve been busy fighting the U.S. Department of Transportation over their joint venture agreement, which took a massive hit recently.
🔗 Read more: UK US Trade Deals: Why The Big "Free Trade" Dream Is Basically On Ice
The Investor Breakdown
- Apollo Global Management: ~19.1% (via Ap Aguila Holdings)
- Delta Air Lines: ~18.7%
- Silver Point Capital: ~9%
- Strategic Value Partners (SVP): ~6.5%
- Public Investors: The rest is floating on the NYSE (ticker: AERO) and the Mexican Stock Exchange (BMV).
The 2025 IPO Changed Everything
For a few years, Aeromexico was basically a private club. They delisted from the Mexican Stock Exchange in late 2022 and went quiet. But in November 2025, they came roaring back with a dual-listing IPO that raised over $220 million.
The shares priced at $19, valuing the whole operation at nearly $3 billion.
Why does this matter? Because it shifted the ownership from "distressed debt holders" to "the public." If you have a brokerage account and a few bucks, you technically own a tiny piece of the airline. It’s no longer just a corporate chess match; it’s a public commodity again.
Wait, Is It Still a Mexican Airline?
This is where things get "kinda" legally technical. Under Mexican law, the country’s "flag carrier" must have a board of directors where the majority are Mexican nationals.
Even though Apollo (American) and Delta (American) hold massive sway, the Mexican Control Group—a collection of local investors and board members—retains the voting power required to keep the airline’s "Mexican" status. It’s a delicate dance between New York capital and Mexico City sovereignty.
Andrés Conesa, who has been the CEO since 2005 (yeah, he’s seen it all), is still the guy steering the ship. He’s the face of the Mexican identity of the brand, even when the money behind him speaks with a Wall Street accent.
The Delta "Breakup" Drama
You can't talk about who owns or controls Aeromexico without mentioning the messy divorce—or at least the forced separation—happening right now.
In late 2025, the U.S. government ordered the end of the Delta-Aeromexico joint venture. They basically said, "You two are getting too close, and it’s hurting competition." While Delta still owns about 20% of the company, they can no longer sit in a room and decide prices together for flights between the U.S. and Mexico.
👉 See also: How Much is a Cost Book of Forever Stamps Right Now?
This has created a weird vibe. Delta is a part-owner but is now forced to be a "friend" rather than a "partner." It’s complicated.
Why Should You Care?
If you’re a traveler, ownership matters because it dictates where the airline flies. Apollo and the new investors are obsessed with profitability. That’s why you’ve seen the fleet switch to newer, fuel-efficient Boeing 787 Dreamliners and 737 MAXs.
They aren't running a charity; they are running a business for shareholders.
If you’re an investor, you’re looking at a company that emerged from bankruptcy with a much leaner cost structure. They cut the fat, renegotiated labor contracts, and integrated their loyalty program (Aeromexico Rewards) directly into the parent company.
What’s Next for Aeromexico?
The dust is finally settling from the 2025 IPO. Here is what to keep an eye on:
- The 2026 World Cup: With Mexico hosting games, the ownership group is pouring money into the AICM (Mexico City Airport) renovations to handle the surge.
- Delta’s Stake: Watch to see if Delta tries to buy more shares now that the joint venture is under fire. They might want more "ownership" to make up for less "cooperation."
- Apollo’s Exit: Private equity firms like Apollo usually don’t stick around forever. Expect them to continue selling their 19% stake to the public over the next 18 months.
Actionable Insights for Travelers and Investors
- Check the Ticker: If you want to track the airline's health in real-time, watch AERO on the NYSE. It's the most transparent look you'll get at their value.
- Loyalty Points: Since the restructuring, Aeromexico Rewards points no longer expire. This was a move to keep the "new" owners' customers happy. Use them for "Premier One" upgrades—it’s where the value is.
- Watch the DOT: The legal battle between Delta/Aeromexico and the U.S. government is ongoing. Any change in their partnership status will immediately affect flight prices on transborder routes.
Aeromexico is no longer just a national icon; it’s a global corporate entity. It’s owned by the people who believe Mexico’s connection to the world is worth a multi-billion dollar bet.
Next Steps: You can monitor the official Aeromexico Investor Relations portal for quarterly SEC filings (Form 6-K) to see if Apollo or Delta have further adjusted their percentage of ownership. Additionally, check the U.S. Department of Transportation’s latest rulings on the Delta-Aeromexico antitrust immunity to see if their operational partnership has been reinstated.