US-based Delta Airlines announced it increased its stake in SkyTeam and joint venture partner Korean Air in what has been called a long term investment.
In a new disclosure to the Korean Exchange, Delta raised its stake in Hanjin-KAL – the largest shareholder of the airline – from 5.13% to 9.21%. The carrier said in the report “the purpose of the investment is not aimed at affecting the management rights.”
Since forming their joint venture in 2017, Delta has bought stake in the airline and subsequently increased it. Delta first bought a 4.3% stake in June, then increased it to 5.13% by the end of July.
Along with the increased stake purchased by Delta, both SkyTeam founding airlines have expanded their efforts in joint marketing and codeshare flights to/from Seoul-Incheon. Both airlines have around 1,400 codeshare flights for connections in the United States and in Asia, and enhanced mutual frequent flyer program benefits.