Delta confirms acquisition of stake in Virgin Atlantic

Delta Air Lines has confirmed it has reached a deal to buy a 49 percent stake in Virgin Atlantic Airways and strike a joint venture with the carrier.

Atlanta-based Delta said it plans to invest $360 million in Virgin Atlantic to buy the minority percent stake currently held by Singapore Airlines, while Virgin Group and Richard Branson will continue to hold a 51 percent stake

For travelers, the deal between the two airlines would offer access to more flights between North America and the United Kingdom. The carriers will cooperate on nine daily roundtrip flights from London Heathrow to New York’s John F. Kennedy International and Newark Liberty airports. The two airlines have a combined total of 31 daily flights between the U.K. and North America.

The airlines are filing an application for antitrust immunity from the U.S. Department of Transportation for the joint venture, which will also be reviewed by the Justice Department and the EU. If it is approved, the deal is expected to take effect by the end of 2013.

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