Delta Takes Aim At Heathrow In $360M Virgin Atlantic Buy

Law360, New York (December 11, 2012, 2:33 PM EST) -- Delta Air Lines Inc. will swallow up a 49 percent stake in billionaire Richard Branson's Virgin Atlantic Airways Ltd. for $360 million, making Delta a major trans-Atlantic player with a significant presence at London's Heathrow airport, it said Tuesday.

Neither carrier spelled out how Atlanta-based Delta would finance its purchase, which will lift Virgin Atlantic ownership from Singapore Airlines. Branson and his Virgin Group Ltd. conglomerate will hang onto their 51 percent interest after the deal, and the airline will continue to operate under its own...
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