LONDON: US carrier Delta Air Lines said it had bought Singapore Airlines’ 49 percent stake in Britain’s Virgin Atlantic for $ 360 million and agreed a transatlantic joint venture with Virgin.
Virgin and Delta said under the joint venture they would share costs and revenues on routes between Britain and North America.
The pair plan to cooperate on services between New York and London, with a total of nine daily round-trip flights from London Heathrow to John F. Kennedy International Airport and Newark Liberty International Airport.
“Our new partnership with Virgin Atlantic will strengthen both airlines and provide a more effective competitor between North America and the UK, particularly on the New York-London route, which is the largest airline route between the US and Europe,” said Delta Chief Executive Richard Anderson.
The airlines said they would file an application with the US Department of Transportation for competition clearance and that the deal would need to be reviewed by the US Department of Justice and the European Union’s competition regulator.
The deal will enable Delta to expand at London’s Heathrow airport, a lucrative hub for corporate passengers where landing slots are generally hard to acquire. Virgin is the second-largest carrier at Heathrow after IAG’s British Airways.
Heathrow, Europe’s busiest airport, is operating at close to full capacity after Britain’s coalition government blocked its expansion in 2010.
British entrepreneur Richard Branson said he would retain his 51 percent stake in Virgin Atlantic and maintain the brand of the airline he founded in 1984.
“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,” said Branson.
The two carriers will operate a total of 31 peak-day round-trip flights between the UK and North America, 23 of which operate at London Heathrow.
The partnership will be similar to that operated by American Airlines and IAG’s British Airways (BA) since 2010 on transatlantic and some European routes.
Singapore Airlines bought 49 percent of Virgin Atlantic for $ 965 million in 1999, but has been open to selling its stake since at least mid-2011 when a price of $500-$600 million was mooted in markets.
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.
Delta buys 49% stake in Virgin Atlantic
Delta buys 49% stake in Virgin Atlantic
PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025
RIYADH: Saudi Arabia’s Public Investment Fund-backed AviLease achieved exceptional performance and sustainable business growth during 2025, supported by the strategic expansion of its global platform.
According to its financial results for 2025, AviLease recorded total revenues of $664 million, an annual increase of 19 percent, driven by disciplined growth in its asset portfolio and strong performance in aircraft remarketing amid sustained global demand for modern, fuel-efficient aircraft, the Saudi Press Agency reported.
Profit before tax doubled compared to the previous year, reaching $122 million. The year witnessed an expansion in AviLease’s portfolio, reaching 202 owned and managed aircraft, leased to over 50 airline companies in more than 30 countries.
The total value of the company’s assets stabilized at $9.3 billion. AviLease maintained a 100 percent fleet utilization rate, reflecting the resilience of its business model, the efficiency of its asset management, and the strength of its strategic relationships with airlines around the world.
AviLease concluded purchase agreements for aircraft from Airbus, including the A320neo family and A350F, and Boeing 737 aircraft, aiming to enhance its future asset portfolio with modern, fuel-efficient aircraft. This step will contribute to supporting future growth and meeting increasing customer demand for the latest aircraft, aligning with the Kingdom’s ambitions to become a leading global aviation hub.
AviLease strengthened its prestigious credit standing by obtaining a strong Baa2 credit ratings from Moody’s and BBB from Fitch, reflecting its financial solidity, managerial discipline, and efficiency in managing leverage. The company also successfully issued senior unsecured bonds worth $850 million last November under Regulation 144A/RegS. This issuance contributed to diversifying its funding sources and enhancing its financial flexibility.
Commenting on the results, AviLease CEO Edward O’Byrne said: “This exceptional performance reflects the quality of the company’s investment portfolio, the strength of its partnerships with airlines, and its strategic focus on responsibly deploying capital into highly sought-after, efficient, modern aircraft assets.”
He added: “As aviation markets continue to grow, AviLease is strategically positioned to continue its expansion plans and deliver sustainable long-term value for shareholders, contributing to the Kingdom’s ambitions.”
Throughout 2025, AviLease continued to play a pivotal role in the Kingdom’s growing aviation sector and contributed directly to the launch and scaling of the new national carrier, Riyadh Air, by completing a sale and leaseback transaction for a Boeing 787-9 aircraft, which thereby became the first aircraft to join the airline’s fleet.
AviLease also established a strategic partnership with Hassana Investment Co. This partnership aims to provide an opportunity for local and international investors to enter the aircraft financing asset class and benefit from AviLease’s technical expertise and operational capabilities to support partnership growth and enhance performance.
Hassana Investment Co. has agreed to acquire an initial portfolio of 10 modern aircraft from AviLease.
