Home Aviation Delta to invest $360M in Virgin Atlantic stake

Delta to invest $360M in Virgin Atlantic stake

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In a joint venture between Delta Air Lines and Virgin Atlantic Airways Ltd., Delta announced today it would acquire Singapore Airlines’ 49 percent stake in Virgin Atlantic for $360 million.

The Virgin Group and founder Richard Branson will retain the majority 51 percent stake and Virgin Atlantic Airways will retain its brand and operating certificate, the companies said in a Dec. 11 statement.

Virgin Atlantic’s U.S. headquarters is in Norwalk, with the company’s corporate headquarters located just outside of London.

The share purchase and joint venture are expected to be made official by the end of 2013, the companies said, with the transaction requiring the approval of various regulatory authorities in the U.S. and Europe.

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