Air France-KLM and Virgin Atlantic Abandon Planned Equity Deal | Aviation International News

Air France-KLM and Virgin Atlantic Abandon Planned Equity Deal

The Franco-Dutch airline group no longer considers necessary its plan to acquire 31 percent of Virgin Atlantic.

By Cathy Buyck • Contributor - Europe

December 4, 2019

In an unexpected turn of events and just weeks after the U.S. Department of Transportation granted final approval of antitrust immunity to the joint venture involving Delta Air Lines, Air France-KLM, and Virgin Atlantic, the Franco-Dutch group said Wednesday it will not move forward with plans to purchase a 31percent stake in Virgin Atlantic. The equity investment arranged in July 2017 was intended to cement a new transatlantic joint venture; however, the companies now consider the acquisition “no longer necessary,” the Paris-based group stated. Earlier in the week, Virgin founder Richard Branson had already confirmed reports in French daily La Tribune the shareholding deal was off.

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