Delta has submitted an offer to purchase a further 32% of shares in Grupo Aeromexico, in addition to its existing 4.1% holding, at MXP43.59 per share. This brings its ownership in the group to just over 36%, though Delta and the Delta pension trust have also been given the option to purchase a further 12.7% of share between them.
Ed Bastian, President of Dealt Air Lines, said: "This new investment demonstrates Delta's confidence in Mexico's future and deepens our relationship with Aeromexico, cementing Delta's long-term commitment to the customers we serve to, from and through Latin America."
The partnership between the two airlines began in 1994 when they first launched a codeshare. Years later, in 2011, Delta entered into an enhanced commercial agreement with Aeromexico and, in 2012, Delta invested US$65m in shares of Grupo Aeromexico, the parent company of Aeromexico. The two also filed an application with the US Department of Transportation seeking antitrust immunity for a new joint venture on flights between the US and Mexico back in March.
Delta intends to commence the tender offer once the necessary approvals in Mexico and the US have been obtained. The transaction is also subject to approval by the Boards of Directors of Delta and Grupo Aeromexico.
