28 MAY 2018
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Final details of the Joint Venture Agreement between Air France-KLM, Delta Air Lines and Virgin Atlantic Airways which sees a 31% stake in Virgin Atlantic currently owned by the Virgin Group sold to Air France-KLM for £220m were released last week.
In a joint statement issued in Paris, Atlanta and London, the companies said they had signed “definitive agreements” setting out the governance and commercial and operational terms of the expanded transatlantic operation.
As already reported (BTN 31 July 2017), Air France-KLM will on completion acquire the Virgin Atlantic stake; Virgin Group will retain a 20% stake and chairmanship of Virgin Atlantic, while Delta will retain the 49% stake it already holds in Virgin.
The partners said they would now coordinate efforts to secure the appropriate regulatory approvals with a view to the joint venture “becoming the preferred choice for customers travelling across the Atlantic”.
This would be achieved by the carriers offering “the most comprehensive route network, convenient flight schedules, competitive fares and reciprocal frequent flyer benefits”.
Customers would also benefit from the co-location of facilities at key hub airports to improve connectivity and access to each carrier's airport lounges for premium passengers, the statement added.
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