Richard Branson cedes control of Virgin Atlantic

Tycoon to stay on as chairman after selling 31% stake to Air France-KLM in deal worth £220m

The potential end of an era looms in British aviation after Sir Richard Branson announced he is selling 31% of Virgin Atlantic, relinquishing his controlling interest in the airline he founded in 1984.

Branson will net £220m from the deal to sell the 31% stake to Air France-KLM and remain as chairman of the airline. He retains a 20% interest, leaving the US giant Delta as the largest shareholder in Virgin Atlantic with 49%.

Continue reading…

Read full original article »