Singapore Airlines agrees to sell 49 per cent in Virgin Atlantic to Delta Air Lines

Singapore Airlines has agreed to sell its 49 per cent stake in Virgin Atlantic to Delta Air Lines. The latter will pay S$439.8 million in cash to Singapore Airlines. Once the deal is finalised, the sum received will be reported as profit, given that the company had already accounted for the losses in previous years. Singapore Airlines had acquired 49 per cent of Virgin Atlantic in March 2000 for about S$1,180.75 million. Meanwhile, Singapore Airlines is likely to spend S$116.06 million to retrofit 10 Boeing planes that are deployed on long-haul routes.