Tags: EU | Virgin Atlantic | Air France

Branson Sells Stake in Virgin Atlantic in Broader Tie-up

Thursday, 27 July 2017 02:38 PM

LONDON (AP) — Richard Branson is selling his majority stake in Virgin Atlantic.

The billionaire entrepreneur's Virgin group announced Thursday that he was selling a 31 percent stake to Air France-KLM for 220 million pounds ($287 million). Delta will retain its 49 percent stake.

Meanwhile, Delta and China Eastern will take a 10 percent stake each in Air France-KLM by buying shares in a 751 million euro capital increase.

The airlines said the moves are part of a broader partnership between them and would reinforce the strategic, commercial and financial ties.

Branson says in a statement that this is a "fantastic opportunity to extend our network and create a stronger customer champion."

Virgin and Air France together offer more than 300 daily trans-Atlantic flights.

© Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
Europe
Richard Branson is selling his majority stake in Virgin Atlantic.The billionaire entrepreneur's Virgin group announced Thursday that he was selling a 31 percent stake to Air France-KLM for 220 million pounds ($287 million). Delta will retain its 49 percent stake.Meanwhile,...
EU,Virgin Atlantic,Air France
123
2017-38-27
Thursday, 27 July 2017 02:38 PM
Newsmax Media, Inc.
 
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved