Delta Air Lines acquired an indirect equity stake in joint venture partner Korean Air. The Atlanta-based airline now owns 4.3 percent of Hanjin-KAL, making it the largest shareholder of Korean Air. Delta intends to increase its stake to 10 percent “over time,” pending regulatory approval. Delta did not release the price for the stake, but Reuters reported the percentage is worth about $88 million at current market rates.
“The investment demonstrates Delta’s commitment to the success of its joint venture with Korean Air and the customer benefits, market positioning and growth opportunities the partnership enables,” Delta said in a press release.
Delta also owns stakes in Grupo Aeromexico, Air France KLM, China Eastern, Brazil’s Gol and Virgin Atlantic and it’s currently negotiating a stake in Alitalia.
Last year, Delta and Korean Air formed their joint venture partnership, covering more than 290 destinations in the United States and more than 80 in Asia
“Since launching in May 2018, Delta and Korean Air have strengthened cooperation by expanding joint operations in the trans-Pacific to include more than 1,400 codeshare flights, including connections throughout Asia and the U.S.,” Delta said.
“Teams at both airlines have also worked closely together to provide the best travel experience for customers between the US and Asia, integrate sales and marketing activities, and enhance loyalty program benefits, such as the ability to earn more miles on both loyalty programs and redeem them on a wider range of flights.”
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