SQ Sells Virgin Atlantic Shares To DL

Discussion in 'Singapore Airlines | KrisFlyer' started by SQ LPP, Dec 12, 2012.  |  Print Topic

  1. SQ LPP
    Original Member

    SQ LPP Gold Member

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    SIA To Sell Virgin Atlantic Stake For US$360 Million

    11 December 2012 - Singapore Airlines has agreed to sell its 49% stake in Virgin Atlantic Ltd to Delta Air Lines.

    Under the agreement, Delta will pay US$360 million in cash for Singapore Airlines’ entire shareholding in the UK-based airline group.

    The agreement is subject to regulatory approvals being obtained in Europe and the United States. Subject to these approvals being secured, the transaction is expected to close in the fourth quarter of the 2013 calendar year.


    The successful completion of the sale will result in a profit being booked in Singapore Airlines’ accounts.

    Commercial arrangements between Singapore Airlines and Virgin Atlantic, encompassing codesharing, frequent-flyer programme ties and reciprocal lounge access, are expected to remain in place after the divestment.
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  2. skyvan

    skyvan Gold Member

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    The amazing part of this is that SQ lost $600 million on the sale. Either they invested horribly to begin with or they really wanted to just get some positive cash flow going.
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