Delta Buys Into Korean Air Parent Company
Delta Air Lines has bought a 4.3 percent stake in Korean Air’s largest shareholder, and aims to push its holding to 10 percent.
The Atlanta-based airline said the investment in Hanjin-KAL demonstrates its commitment to its joint venture with KAL.
Delta and Korean Air launched a trans-Pacific joint venture in May 2018, giving customers access to over 290 US destinations and more than 80 in Asia.
CEO Ed Bastian said the joint venture is designed to offer the strongest network and best service connecting the US with Asia.
“This is already one of our fastest-integrating and most successful partnerships, and experience tells us this investment will further strengthen our relationship as we continue to build on the value of the joint venture,” he went on to say.
Delta’s intention to increase its equity stake to 10 percent over time is subject to receiving regulatory approval.