A PYMNTS Company

U.S.: Delta scoops up 49 percent share of Virgin Atlantic

 |  December 11, 2012

Delta Airlines has announced it will acquire a 49 percent stake in Virgin Atlantic VA.UL for $360 million, a stake currently owned by Singapore Airlines. Additionally, Delta has agreed to a joint venture with Virgin to share costs and revenues involved in expanding routes between Britain and North America. Particular effect will reach the route between New York City and London; Delta and Virgin have agreed to cooperate on service routes between the two major cities, totaling for nine round-trip flights every day between London Heathrow and John F. Kennedy International airports. A spokesman for Delta says the deal will “provide a more effective competitor” between the U.S. and U.K., especially on the New York-London route. The deal is a success for Delta, which has been working to find base in Heathrow.

Full Content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.