Delta Air Lines is grabbing a bigger share of the world’s most important travel route: New York to London.
The airline is paying $360 million for almost half of Virgin Atlantic, the swanky airline founded by Sir Richard Branson in 1984 as a cheaper and more stylish way to fly between the U.S. and London.
Business travelers are hungry for flights on that route and Delta has been missing out. With this deal, Delta is buying its way into that market.
The carrier’s 49-percent stake in Virgin Atlantic was held by Singapore Airlines, which paid $960 million for it in 2000.