Delta expands further into Asia with equity stake in Korean Air shareholder
Delta has acquired a 4.3 percent equity stake in Hanjin-KAL, the largest shareholder of Korean Air, with intentions to increase its equity stake to 10 percent over time, after receiving regulatory approval.
Ed Bastian, Delta's CEO, said in a statement: “Together with the team at Korean Air, we have a vision to deliver the world’s leading trans-Pacific joint venture for our shared customers, offering the strongest network, the best service and the finest experience connecting the U.S. 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.”
Delta and Korean Air operate the industry’s largest trans-Pacific joint venture, providing customers with seamless access to more than 290 destinations in the U.S. and over 80 destinations in Asia, including the partnership’s award-winning hub at Seoul-Incheon (ICN).
The joint venture builds on nearly two decades of close partnership between Korean Air and Delta, both founding members of the SkyTeam airline alliance.