Earlier this year, Delta Air Lines announced plans to purchase a 20 percent stake in Latin America's largest airline, LATAM, for $1.9 billion.
Now, the airline has completed the tender offer and has acquired a 20 percent equity stake in LATAM Airlines Group S.A. This brings together two leading airlines in North and South America.
According to Delta, this is part of a strategy of making equity investments in key airline partners around the globe.
"We look forward to working with LATAM to create a truly world-class partnership that will give our customers unparalleled access throughout the Americas," said Steve Sear, Delta President-International and executive vice president-global sales. "Equity investments like this help create alignment within our partnerships as we bring together our brands, enabling us to provide the very best service and reliability for our shared customers."
This new partnership is intended to unlock growth opportunities for both airlines as well as to expand travel options for customers.
Earlier this month, Delta and LATAM announced a codesharing agreement that will go into effect in the first quarter of 2020. The first codeshares will include Delta's North America routes and LATAM's routes in Peru, Colombia and Ecuador.
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