Virgin Atlantic Airways, the British airline owned by entrepreneur Richard
Branson, will sell a 49 percent stake in the carrier, valued at $965 million, to Singapore
Airlines.
Virgin and SIA say the deal will fill gaps in each other’s networks by
broadening SIA’s access to transatlantic routes and giving Virgin more flights to
Asia from Europe.
The deal appears to push Virgin toward the Star Alliance of carriers,
anchored by Lufthansa German Airlines and United Airlines. SIA, which has strong cargo
ties with Lufthansa, is expected to join the global Star alliance next year.
VIRGIN SELLS 49 PERCENT STAKE TO SINGAPORE AIRLINES
VIRGIN SELLS 49 PERCENT STAKE TO SINGAPORE AIRLINES
