Delta Buys AeroMexico Stake For USD$65 Mln
Grupo AeroMexico said it received USD$65 million from Delta Air Lines in exchange for a 4 percent stake in Mexico's largest airline, after regulators cleared the deal.
The Mexican Federal Competition Commission (CFC) approved Delta Air Lines' purchase of 30.2 million AeroMexico shares at 31 pesos each, the Mexican company said.
Delta Air Lines had said last year that it would acquire a stake in the Mexican carrier for about USD$65 million.
Delta is expanding ties in emerging markets as a skittish economy crimps activity in Europe and the United States.
AeroMexico increased its market share after rival Mexicana ceased operations before filing for bankruptcy in 2010.
The agreement will deepen the existing commercial alliance between the airlines and link Delta's network more closely to Mexico. Delta will also take a seat on the AeroMexico board, AeroMexico added.