Delta Air Lines Inc said it was buying Singapore Airlines Ltd's 49 percent stake in Virgin Atlantic for $360 million, ending the Asian airline's disappointing 12-year investment in the British carrier. The sale by Singapore Airlines, 56 percent owned by state investor Temasek, underscores its reduced reliance on battered long-haul routes to Europe and the United States and its deeper focus on Asia.The sale by Singapore Airlines came after sources familiar with the matter said Delta, the second-largest U.S. airline by operating revenue after United Continental Holdings, wants to gain access to Virgin's landing rights at London's Heathrow airport.Heathrow is a lucrative hub for corporate passengers where landing slots are hard to acquire.The deal, which Delta said would lead to a trans-Atlantic joint venture with Virgin Atlantic, is subject to regulatory clearance in the United States and Europe.
Delta Air Lines, Inc. (Delta) provides scheduled air transportation for passengers and cargo throughout the United States and around the world. Shares of DAL remained unchanged at $10.14. In the past year, the shares have traded as low as $7.83 and as high as $12.25. On average, 9658090 shares of DAL exchange hands on a given day and today's volume is recorded at 580.
United Continental Holdings, Inc. (UAL) is a holding company and its principal, wholly owned subsidiaries are United Air Lines, Inc. Shares of UAL remained unchanged at $20.89. In the past year, the shares have traded as low as $17.25 and as high as $25.84. On average, 3648740 shares of UAL exchange hands on a given day and today's volume is recorded at 0.
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