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Branson sells stake in Virgin Atlantic in broader tie-up
LONDON – Richard Branson is selling his majority stake in Virgin Atlantic.
The billionaire entrepreneur’s Virgin group announced Thursday that he was selling a 31 per cent stake to Air France-KLM for 220 million pounds ($287 million). Delta will retain its 49 per cent stake.
Meanwhile, Delta and China Eastern will take a 10 per cent stake each in Air France-KLM by buying shares in a 751 million euro capital increase.
The airlines said the moves are part of a broader partnership between them and would reinforce the strategic, commercial and financial ties.
Branson says in a statement that this is a “fantastic opportunity to extend our network and create a stronger customer champion.”
Virgin and Air France together offer more than 300 daily trans-Atlantic flights.
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