Delta Air Lines is buying Singapore Airlines' 49 percent stake in Virgin Atlantic for $360 million and has agreed to a transatlantic joint venture with the British carrier, expanding its access to London's capacity-constrained Heathrow airport.Under the joint venture announced on Tuesday, Delta and Virgin would share costs and revenues on routes between Britain and North America.The pair plan to cooperate on services between New York and London, with a total of nine daily round-trip flights from London Heathrow to John F. Kennedy International Airport in New York and Newark Liberty International Airport in New Jersey.Delta, the second-largest U.S. airline by revenue after United Continental, has acquired stakes in Grupo Aeromexico and Brazil's Gol Linhas Aereas over the past year, and has long hoped to break into Heathrow. In recent years, it has invested heavily to build a major hub in New York.
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 13280.
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