Air France-KLM to acquire 31% of Virgin Atlantic
Virgin America (LONDON) — Air France-KLM is buying almost a third of Virgin Atlantic which will leave Richard Branson’s parent company, Virgin Group, with a minority stake.
As part of a four way joint-venture with Delta, Air France- KLM will take a 31 percent stake of Virgin Atlantic.
According to a BBC report, Virgin Group’s share will decrease from 51 percent to 20 percent, while Delta will keep a 49 percent share.
Jean-Marc Janaillac, chief executive of Air France-KLM, told the BBC the deal would give customers “even more choice between Europe, UK and the United States via twelve hubs on both sides of the Atlantic.”
In a joint press release Virgin and its partners said the venture would offer “convenient flight schedules with competitive fares and reciprocal frequent flyer benefits, including the ability to earn and redeem miles across all carriers.”
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