21-Jun-2013 12:28 PM

US DoJ clears Delta's planned acquisition of 49% of Virgin Atlantic

US' Department of Justice (DoJ) closed (20-Jun-2013) its investigation into Delta Air Lines’ proposed acquisition of Singapore Airlines' 49% stake in Virgin Atlantic. DoJ's antitrust division stated: "After a thorough investigation of the competitive effects of the proposed equity investment and joint venture, the antitrust division concluded that the facts and circumstances did not warrant further investigation or action. In December 2012, Delta Air Lines and Virgin Atlantic reached an agreement to establish a joint venture on flights between North America and the United Kingdom. At the same time, Delta entered an agreement to acquire the 49 percent stake in Virgin Atlantic currently held by Singapore Airlines for USD360 million. Virgin Group will retain the majority 51 percent stake. Delta and Virgin Atlantic also have filed an application with the US Department of Transportation seeking antitrust immunity for their joint venture. The division will continue to consult, as appropriate, with the Department of Transportation as it reviews the request for immunity.” [more - original PR]

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