Can a Deal With Virgin Help Delta Attract New Customers?
The European Commission approved a proposed joint venture between Delta Airlines (NYSE:DAL) and Virgin Atlantic, clearing the last hurdle in a deal announced in December.
According to the terms of the deal, Delta will purchase a 49 percent minority share from Singapore Air in Virgin Atlantic, while the Virgin Group retains its 51 percent stake, reports The Wall Street Journal.
“We have announced a joint venture with Delta which will create an expanded transatlantic network,” Virgin said on their website. “By combining the strengths of our two companies in a joint venture, we can better serve customers travelling between North America and the U.K. and continue building a better airline for our employees, shareholders, and most importantly our customers.”