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Delta buying 20 percent stake in LATAM
Delta Air Lines has agreed to take a 20% stake in Latin America’s largest airline LATAM.
Delta will spend about $1.9 billion for a fifth-share of the Chile based airline group which strikes a blow to American Airlines.
American had been looking to boost its presence across the region with a joint-venture business agreement with LATAM, although it had been blocked by a Chilean court.
Delta said it will sell its existing 9% stake in Brazilian airline Gol as a result.
Gol competes with LATAM on several routes.
The stake sale still needs approval from US and Chilean regulators.
Announcing the transaction, Delta CEO Ed Bastion said: "Our people, customers, owners and communities will all benefit from this exciting platform for future growth."
Delta will also spend an additional $350 million to expand the LATAM partnership which includes ordering more aircraft.
"This alliance with Delta strengthens our company and enhances our leadership in Latin America," said LATAM CEO, Enrique Cueto Plaza.
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