Delta Air Lines, the second largest US airliner, buys out Singapore Airline's 49 percent stake in Virgin Atlantic.
Singapore Airlines had been looking to sell its stake since 2011, which Delta has now acquired for $360 million. According to Delta's Chief Executive Richard Anderson, the new partnership will "strengthen both airlines and provide a more effective competitor between North America and the UK."
The new deal sees Delta and Virgin sharing costs and revenues, with the plan to jointly operate a total of thirty-one peak day transatlantic flights. Their focus is towards building more service provision between New York and London, with both airlines expecting to conduct a total of nine daily trips between John F. Kennedy International Airport and London's Heathrow Airport.
In 2012 Delta looked to expand in various markets, also acquiring shares in Grupo Aeromexico and Brazil's Gol Linhas Aereas. This most recent acquisition finally allows Delta access to Europe's busiest airport.
The Virgin brand remains in place, as British entrepreneur and founder Sir Richard Branson retains his 51 percent stake of the company.
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