Delta and LATAM Airlines Group S.A. announced a new strategic partnership — an industry first for the two airline giants — to combine the North and Latin American sector.

“This transformative partnership with LATAM will bring together our leading global brands, enabling us to provide the very best service and reliability for travelers to, from and throughout the Americas,” said Ed Bastian, CEO, Delta. “Our people, customers, owners and communities will all benefit from this exciting platform for future growth.”

“This alliance with Delta strengthens our company and enhances our leadership in Latin America by providing the best connectivity through our highly complementary route networks,” said Enrique Cueto Plaza, CEO, LATAM. “We look forward to working alongside one of the world’s best airlines to enhance the travel experience for our passengers.”

The new partnership builds on both Delta and LATAM’s global impact both individually and as airline partners. The joint venture is intended to open flight opportunities worldwide, including Delta’s existing partnership with Aeromexico.

Between Delta and LATAM’s complementary networks, the partnership is expected to offer far greater destination capabilities, seamless customer convenience and a more accessible travel experience.

Other aspects of the partnership include Delta’s $1.9 billion investment for a 20 percent stake in LATAM through a public tender offer; another $350 million investment to establish the partnership, which, in turn, grants Delta representation on LATAM’s board of directors; Delta will receive four Airbus A350 aircraft from LATAM; and LATAM commits to purchase another 10 for a 2020–2025 delivery — all in support of Delta’s ongoing fleet transformation, LATAM’s financial stability and the combination of the two airlines’ growing stronghold in the industry.