Air France-KLM, Delta Air Lines and Virgin Atlantic have signed a joint venture (JV) agreement on expanding their existing transatlantic co-operation.
The new deal sets out the terms of governance as well as the commercial and operational terms of the expanded JV.
Air France-KLM is to acquire a 31% stake in Virgin Atlantic, the share currently held by Virgin Group, for £220m. Virgin Group will retain a 20% stake and chairmanship of Virgin Atlantic, while Delta will retain its 49% stake.
Air France-KLM, Delta and Virgin Atlantic said that they will now co-ordinate efforts to secure the regulatory approvals required for the new arrangements.
According to a statement from the carriers, the expanded JV will offer the most comprehensive route network across the Atlantic.
