Delta Air to Buy 3.55% Stake in China Eastern
27 July 2015 - 11:50PM
Dow Jones News
Delta Air Lines Inc. agreed to acquire a 3.55% stake in China
Eastern Airlines Corp. for $450 million as part of an agreement
that expands the two carriers' strategic partnership.
Under the agreement, Delta will acquire roughly 10% of China
Eastern's H-shares, which are listed in Hong Kong, and an observer
seat on China Eastern's board.
China Eastern earlier on Monday said it will raise 3.5 billion
Hong Kong dollars ($451.6 million) by issuing shares in Hong
Kong.
China Eastern, with its Shanghai Airlines subsidiary, and Delta
currently operate codeshare flights as well as a number of direct
flights between the two countries.
Write to Tess Stynes at tess.stynes@wsj.com
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