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Dec 11, 2012
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Delta buys 49 per cent stake in Virgin Atlantic for $360 million
Delta Air Lines said it will buy almost half of Virgin Atlantic for $360 million as it seeks a bigger share of the lucrative New York-to-London travel market. Delta plans to form a joint venture with Virgin Atlantic where the two airlines would share money from the flights operated under the partnership. In order to coordinate their schedules, they'll need antitrust approval from U.S. and European regulators. Landing rights at London's Heathrow Airport are limited. So buying part of Virgin Atlantic is a way for Delta to get a bigger piece of the travel market between Heathrow and the U.S.
Source -
http://economictimes.indiatimes.com
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