Antitrust Law Daily Wrap Up, ANTITRUST NEWS: Antitrust Division ceases investigation of Delta-Virgin Atlantic joint venture, Delta’s acquisition of equity interest in Virgin Atlantic, (Jun 20, 2013)
Organizations Mentioned:Delta Air Lines | Virgin Atlantic Airways Ltd.
The Department of Justice Antitrust Division closed its investigation into Delta Air Lines' proposed equity investment in Virgin Atlantic Airways Ltd. and their related trans-Atlantic joint venture, after concluding that it “did not warrant further investigation or action,” the agency announced today.
The transaction at issue involved an agreement between the airlines to establish a joint venture on flights between the United States and the United Kingdom, and Delta’s acquisition of a 49 percent stake in Virgin Atlantic currently held by Singapore Airlines for $360 million, under which Virgin Atlantic would retain the remaining 51 percent stake.
The Antitrust Division cooperated with the European Commission during their respective review processes. The Division declared its intent to consult as necessary with the Department of Transportation as the airlines seek antitrust immunity from the agency for their joint venture.
Companies: Delta Air Lines; Virgin Atlantic Airways Ltd.
News: Antitrust AntitrustDivisionNews