Delta Air Lines takes a stake in Air France-KLM
Delta Air Lines is splashing the cash again to deepen its global alliance ties to fight off the threat of fast growing low cost transatlantic carriers.
Delta will take a 10% stake in Europe’s biggest airline Air France-KLM Group, a fellow member of the SkyTeam global alliance.
That has sparked a rather complicated investment merry-go-round across three continents.
Delta partner China Eastern Airlines will also take a 10% shareholding in Air France-KLM, while the French airline itself will take a 31% stake in UK based Virgin Atlantic Airways of which Delta is a major shareholder.
"With Delta and Virgin Atlantic we are reinforcing our transatlantic alliance, making us the No. 1 alliance between Europe and the U.S. in terms of traffic," Air France-KLM CEO Jean-Marc Janaillac said in the statement.
"With China Eastern, we are consolidating our position on a high-growth market."
The investment will give a Delta representative a seat on the board of Air France-KLM.
Delta still plans to move forward on a joint venture with China Eastern in the US-Asia market and Delta’s planned 49% stake purchase of Aeromexico is on track to be completed next year.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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