Delta Air Lines Buys 49% Of Virgin Atlantic For $360M

By Mike Obel | December 11 2012 8:28 AM

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.

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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.

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