Delta buys 49 percent stake in Virgin Atlantic

Delta buys 49 percent stake in Virgin Atlantic

Wall Street Journal: Delta Air Lines agreed to buy a 49% stake in Virgin Atlantic Airways for $360 million.

Delta's deal with Virgin will enable its passengers to connect to Virgin's long-haul routes out of London and take advantage of some new domestic short-haul flights the U.K. carrier plans to add next year.

The No. 2 U.S. carrier by traffic acquired the stake from Singapore Airlines Ltd, which paid £600 million (US$965 million) for it in 1999 and had been looking to sell its stake for the past couple of years. Singapore Airlines will book a 117 million Singapore dollars (US$96 million) gain on the transaction.

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