Delta, Korean Air create trans-Pacific joint venture

Delta Air Lines (NYSE: DAL) and Korean Air have reached an agreement to create a leading trans-Pacific joint venture in both scope and service, offering an enhanced and expanded network, industry-leading products and service and a seamless customer experience between the US and Asia, the companies said.

The agreement, signed today, deepens their historic partnership, which spans nearly two decades.

The agreement is the latest expansion of the longstanding partnership between Delta and Korean Air, which began in 2000 when both carriers became co-founders of the SkyTeam global airline alliance. This agreement follows the airlines´ signing of a memorandum of understanding in March announcing the intention to form a joint venture.

The joint venture will create a combined network serving more than 290 destinations in the Americas and more than 80 in Asia, providing customers of both airlines with more travel choices than ever before. The joint venture will augment the two airlines´ capabilities in the trans-Pacific market and provide the necessary scale and scope to compete in this market.

Delta and Korean Air will lay the groundwork for implementing all aspects of the joint venture, subject to regulatory approvals.

In anticipation of the joint venture, Delta recently launched new nonstop service between Atlanta and Seoul. This flight complements Korean Air´s existing service and provides customers in the US with greater access to destinations across Asia. At the same time Korean Air will continue to expand its US — Korea network in summer 2017 with the introduction of a third roundtrip flight between Los Angeles and Seoul, as well as a second flight between San Francisco and Seoul.

Delta Air Lines serves more than 180 million customers each year. Headquartered in Atlanta, Delta employs more than 80,000 employees worldwide and operates a mainline fleet of more than 800 aircraft.

Korean Air, is one of the world´s top 20 airlines and carried more than 24 million passengers in 2015. Korean Air operates over 460 flights per day to 129 cities in 46 countries on six continents with a fleet of 177 aircraft including ten A380s.