Air France-KLM, Delta Air Lines and Virgin Atlantic have signed definitive agreements paving the way forward for their expanded transatlantic joint venture.
The Joint Venture Agreement signed between Air France-KLM, Delta and Virgin Atlantic sets out the governance as well as the commercial and operational terms of the expanded transatlantic Joint Venture. On completion, Air France-KLM will acquire a 31% stake in Virgin Atlantic currently held by Virgin Group for £220 million. Virgin Group will retain a 20% stake and Chairmanship of Virgin Atlantic. Delta will retain its 49% stake.
Air France-KLM, Delta and Virgin Atlantic will now co-ordinate efforts to secure the appropriate regulatory approvals.
The airlines’ expanded joint venture aims become the preferred choice for customers travelling across the Atlantic by offering the most comprehensive route network, convenient flight schedules, competitive fares and reciprocal frequent flyer benefits, including the ability to earn and redeem miles across all carriers. Customers will 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.