Branson confirms partner search for Virgin Atlantic
Sir Richard Branson has confirmed that he intends to find an equity partner for Virgin Atlantic Airways and is likely to sell down his 51 percent stake in the airline.
Branson, 60, has hired Deutsche Bank AG to assess his options.
“I will certainly still be extremely involved in the airline, whatever we decide to do, and I will still be a major shareholder. We are in discussions with various people and will see what comes out of it,” he said.
Virgin has 288 takeoff and landing slots at Heathrow – three percent of the total – which would allow a buyer much sought-after extra slots to add flights to US and Asian business markets.
Star Alliance member Singapore Airlines, which owns 49 percent of Virgin Atlantic, said last month that it hadn’t made a decision about any “immediate divestment” of its stake.
Virgin Atlantic is also looking at joining an airline alliance and expects to announce details within a few months.
“It makes sense for Virgin Atlantic to have a partner,” Branson said in an interview in San Francisco, reported by Bloomberg.
Dinah
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