Delta Air Lines said Tuesday it will pay $360 million to Singapore Airlines for its 49 percent stake in Virgin Atlantic Airways Ltd., expanding the U.S. carrier's reach to London's busy Heathrow Airport.
The deal envisions an integrated joint venture that will operate on a "metal neutral" basis with both airlines sharing the costs and revenues from all joint venture flights, Atlanta-based Delta said in a statement. The combined trans-Atlantic network between the U.K. and North America will offer customers 31 peak-day round-trip flights.
Delta shares rose 15 cents to $10.14 in premarket trading.
Mike Obel works as Senior Editor, Copy Chief. Before that he was Markets Editor, assigning, editing and writing about business, markets, finance and economics. Before coming...