Delta buys stake in Virgin Atlantic: Delta Air Lines is buying Singapore Airlines' 49% stake in Virgin Atlantic

Delta Air Lines to buy stake in Virgin Atlantic - Dec. 11, 2012

money.cnn.com 11 Dec '12, 2pm

Delta buys stake in Virgin Atlantic: Delta Air Lines is buying Singapore Airlines' 49% stake in Virgin Atlantic

Delta is paying $360 million for a 49% stake in Virgin Atlantic NEW YORK (CNNMoney) Delta Air Lines is buying Singapore Airlines' 49% stake in Virgin Atlantic for $360 million, creating a new joint venture on the lucrative North Atlantic routes. The carriers said in a statement they were seeking anti-trust immunity from the U.S. Department of Transportation and expected the transaction to be implemented by the end of 2013, following review by the European Union, U.S. Department of Justice and other authorities. Virgin Atlantic founder Sir Richard Branson will retain his 51% stake, and the airline will keep its brand. "Our new partnership with Virgin Atlantic will strengthen both airlines and provide a more effective competitor between North America and the U.K., particularly on the New York-London route," said Delta CEO Richard Anderson. The move will significantly increas...

Full article: http://money.cnn.com/2012/12/11/news/companies/delta-virg...

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