Air France-KLM Joins Forces with Virgin Atlantic in New Joint Venture
A new joint venture between major airlines Delta Air Lines and Virgin Atlantic have been formed in lue of expanding of expanding their companies. Virgin Airlines has agreed to give up 31% of their business Air France-KLM as a newest partner in their company. The estimated cost of the 31% will cost Air France-KLM £220m (286221678.69) US Dollars. Along with the new JV forming it will also include Italian airline Alitalia. Alitalia is able to contribute to the venture an approximate 300 flights that cross the Atlantic Ocean. This will allow for expansion with already owned aircrafts by these different airlines involved. The Group forming with Atlantic will decrease its share to an approximate 20% .
Delta will continue to hold their 49% of share they currently have in Virgin Atlantic. The Groups that it will combine two joint ventures that are already established have agreed on terms to be partners for the next 15 years. The two JVs that have been formed prior to the Group Air France-KLM, Delta and Alitalia; and secondly between Delta and Virgin Atlantic.
Air France KLM CEO, Jean- Marc Janaillac states,” With our partners Delta and Virgin Atlantic, we are pleased to reinforce our transatlantic partnership offering our customers even more choice between Europe, UK and the US via 12 hubs on both sides of the Atlantic.” Creating more avenues to be traveled through to create a large demographic of areas traveled. Not only will Air France-KLM will be incorporated in these groups but has also thought of joining forces with prolific China Eastern. Air Frances goal with collaborating with China Eastern to expand their influence on the Chinese market. Air Frame is allowing to release 10% to the pair of companies, Delta and China Eastern.
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