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Delta buys Virgin Atlantic stake to boost London access
(Reuters) -
Delta Air Lines (DAL.N) will buy Singapore Airlines' (SIAL.SI) 49
percent stake in Virgin Atlantic VA.UL for and has agreed to a
transatlantic joint venture with the British carrier, expanding Delta's
access to London's Heathrow airport and increasing competition in that
crucial business market.
The partnership, which is subject to government approval, would allow both
carriers to expand their network at Heathrow, where slot constraints have
limited growth. It will be similar to the arrangement operated by American
Airlines (AAMRQ.PK) and British Airways (ICAG.L) since 2010.
Delta "wants to dominate the biggest business market in the world, which is
New York," said Ray Neidl, an analyst with Maxim Group. "You can't really
dominate that without having a strong presence in the second-biggest market,
which is Heathrow."
Under the joint venture announced on Tuesday, Delta and Virgin would share
costs and revenues on routes between Britain and North America. The two
carriers will operate a total of 31 peak-day round-trip flights between
Britain and all of North America, 23 of which operate at London Heathrow.
Delta shares were up 5.9 percent to $10.74 in early afternoon trading.
MARKET SHARE POTENTIAL
For Delta, the second-largest U.S. airline by revenue after United
Continental (UAL.N), the deal brings the potential to boost its transatlantic
market share by drawing more customers who pay higher fares at London's
Heathrow, a lucrative hub where landing slots are generally hard to acquire.
Heathrow, Europe's busiest airport, is operating at close to full capacity
after Britain's coalition government blocked its expansion in 2010.
Delta Chief Executive Richard Anderson, told a New York press conference on
Tuesday that the new joint venture would hold a 24 to 25 percent share of the
cross-Atlantic market.
Delta has acquired stakes in Grupo Aeromexico (AEROMEX.MX) and Brazil's Gol
Linhas Aereas (GOLL4.SA) over the past year, and has long hoped for more
access at Heathrow to help complement the major hub it is building in New
York.
The Delta-Virgin Atlantic agreement will include a total of .
British entrepreneur Richard Branson plans to retain his 51 percent stake in
Virgin Atlantic and maintain the brand of the airline he founded in 1984,
though Neidl said that too could change eventually.
"Even though Branson says he doesn't want to sell his 51 percent, down the
road there's always the possibility that Air France, Delta's partner, could
come in and buy that," he said.
The tie-up with Delta will be a shot in the arm for Virgin Atlantic, the
second-largest carrier at Heathrow after IAG's (ICAG.L) British Airways. It
has been battered by rising fuel prices and the euro zone crisis. It lost 80
million pounds ($128 million) in its last full year.
"BA will likely face keener competition from the Delta/Virgin Atlantic
combination, but consolidation in the airline industry is still a positive,"
said Espirito Santo analyst Gerald Khoo.
The airlines said they would file an application with the U.S. Department of
Transportation and said the deal would also need to be reviewed by antitrust
officials at the U.S. Department of Justice and the European Union's
competition regulator.
Singapore Airlines bought 49 percent of Virgin Atlantic for $965 million in
1999, but had written off the investment and has been open to selling its
stake since at least mid-2011.
Singapore Airlines has been refocusing on its key markets where it is under
pressure from budget airlines, launching its own budget carrier, Scoot, to
ply Asian middle-distance routes and bolstering its Asian regional carrier,
SilkAir.
($1 = 0.6221 British pounds)
http://ppt.cc/86su
新航當年使用了￡600 mil (~USD965 mil) 購買了 49% 的維京股權。
依照那個時候 (1999) 的匯率換算下來，新航花了約 SGD1.8 bil
但今天他只用了 USD360 mil 就把這些股權賣掉了...
這次達美算是撿到便宜？新航超痛...
維京只會單純跟達美 JV 還是最後會入主天合？
Delta and Virgin Atlantic To Form Strategic Alliance
Delta to invest $360 million in acquiring a 49 percent stake in Virgin
Atlantic / New joint venture to include expanded trans-Atlantic network and
enhanced customer benefits
Dec 11, 2012
ATLANTA and LONDON, Dec. 11, 2012 /PRNewswire/ -- Delta Air Lines (NYSE: DAL)
and Virgin Atlantic Airways Ltd. have reached an agreement for a new joint
venture that will create an expanded trans-Atlantic network and enhance
competition between the U.K. and North America, offering greater benefits for
customers traveling on those routes.
As part of this joint venture agreement, Delta will invest $360 million in
Virgin Atlantic, acquiring a 49 percent stake currently held by Singapore
Airlines. Virgin Group and Sir Richard Branson will retain the majority 51
percent stake and Virgin Atlantic Airways will retain its brand and operating
certificate.
Highlights of the agreement include:
- A fully that will operate on a "metal neutral"
basis with both airlines sharing the costs and revenues from all joint
venture flights.
- A combined trans-Atlantic network between the United Kingdom and North
America with 31 peak-day round-trip flights.
- Enhanced benefits for customers including cooperation on services between
New York and London, with a combined total of nine daily round-trip flights
from London-Heathrow to John F. Kennedy International Airport and Newark
Liberty International Airport.
-
Reciprocal frequent flyer benefits.
-
Shared access to Delta Sky Club and Virgin Atlantic Clubhouse airport
lounges for elite passengers.
The airlines will file an application with the U.S. Department of
Transportation for antitrust immunity, which will allow a closer relationship
and coordination on schedules and operations. The transaction also will be
reviewed by the U.S. Department of Justice and the European Union's
competition regulator and other relevant authorities. The share purchase and
the joint venture are expected to be implemented by the end of 2013.
"Our new partnership with Virgin Atlantic will strengthen both airlines and
provide a more effective competitor between North America and the U.K.,
particularly on the New York-London route, which is the largest airline route
between the U.S. and Europe," said Delta CEO Richard Anderson. "By combining
the strengths of our two companies in a joint venture, we can provide
customers with a seamless network between North America and the U.K., and
continue building a better airline for our customers, employees and
shareholders."
Steve Ridgway, Virgin Atlantic Chief Executive, added: "Consumers will reap
the rewards of this partnership between two great airline brands on services
from the UK to the USA, Canada and Mexico through a shared ethos in the
highest standards of customer service. This joint venture will deliver much
more effective competition at Heathrow.
"Both airlines are confident that the Department of Transportation will be as
convinced as we are of the extensive consumer benefits arising from this
joint venture, with expedited approval being granted by the end of 2013. The
trans-Atlantic market is Virgin Atlantic's heartland - it's where we started.
By aligning with Delta we can continue to grow our North American network and
offer greatly enhanced connectivity across the USA."
Virgin Atlantic President, Sir Richard Branson, commented: "This is an
exciting day in Virgin Atlantic history. It signals the start of a new era of
expansion, financial growth and many opportunities for our customers and our
business. I truly look forward to the possibilities our partnership with
Delta will offer. We have always been known for our innovation and service
and have punched above our weight for 28 years. That is why our customers
love us so much. We will retain that independent spirit but move forward in a
strengthened partnership with Delta."
Delta and Virgin Atlantic customers will be able to earn and redeem miles
across Delta's SkyMiles and Virgin Atlantic's FlyingClub frequent flyer
programs. Premium customers also will have reciprocal access to the Delta Sky
Club and Virgin Atlantic Clubhouse airport lounges. Full details will be
announced as services become available.
The partnership allows both carriers to offer a greatly expanded network at
Heathrow and to overcome slot constraints, which have limited the growth and
competitive capability of both airlines. The two carriers will operate a
total of 31 peak-day round-trip flights between the U.K. and North America,
23 of which operate at London-Heathrow. The enlarged network will benefit
customers of both carriers by providing greater access to a broader network,
improved connectivity and convenient booking options.
As part of a $3 billion investment in enhanced global products, services and
airport facilities, all of Delta's flights between the U.S. and
London-Heathrow feature full flat-bed seats offering direct aisle access in
the BusinessElite cabin. These flights also offer Delta's popular Economy
Comfort seating in the forward section of the economy cabin. Economy Comfort
offers four additional inches of legroom and 50 percent more recline compared
to standard economy seats. All cabins offer in-seat audio and video on demand
with a broad range of in-flight entertainment options. Delta also will begin
introducing in-flight WiFi service on international flights beginning in 2013.
Virgin Atlantic has recently completed a ￡150m upgrade program. A new Upper
Class cabin has been introduced across its Airbus A330 aircraft, which
features the longest fully flat bed in the sky. This is complemented by a
redesigned onboard bar and new Clubhouses at both JFK and Newark airports.
The airline's Boeing 747 leisure fleet has been completely refitted and
features onboard connectivity and VERA Touch – Virgin Atlantic's
award-winning touch screen in-flight entertainment system – offering
passengers hours of entertainment at their fingertips.
Corporate and travel agency customers of both airlines also will benefit from
an aligned sales effort on both sides of the Atlantic.
http://news.delta.com/index.php?s=43&item=1822
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推 ccshan:看標題嚇一跳 以為DL買了SQ 12/12 03:49
推 PCH800618:覺得遲早會進天合，VS有感覺到聯盟是不可或缺的一塊 12/12 09:15
推 STAR12:以後美東-英國應該就是BA+AA對上DL+VS 12/12 09:45
→ STAR12:希望VS趕快加入skyteam! 12/12 09:45
推 atriple:那StarAlliance的美東-英國就是..好像只有UA @@ 12/12 09:55
推 jurassic:不曉得新航有其他投資計畫還是需要現金,賣價好差 12/12 10:47
推 taxuan:Us airways也還行 12/12 11:02
推 cityport:夜店風有沒有機會直飛來TPE？ 12/12 12:30