Delta Air Lines has extended its equity partnership model to Korean Air, buying a 4.3% stake in the carrier's parent Hanjin-KAL.
The Atlanta-based carrier plans to raise the stake in the KRX-listed company to 10% in the future, it says today.
Delta and Korean Air launched an immunised joint venture across the Pacific in May 2018. The partnership, which includes a codeshare and frequent flyer tie-up, has allowed both airlines to add new routes in the market, including from Boston and Minneapolis/St Paul to Seoul Incheon.
“This is already one of our fastest-integrating and most successful partnerships, and experience tells us this investment will further strengthen our relationship as we continue to build on the value of the joint venture," says Delta chief executive Ed Bastian in a statement.
Delta has equity investments in Aeromexico, Air France-KLM, China Eastern Airlines, Gol and Virgin Atlantic Airways.