Delta, Korean Air sign MOU to implement joint venture

Delta Air Lines (NYSE: DAL) has reached an agreement with Korean Air to deepen their historic partnership, with an expanded trans-Pacific network that will increase travel choices and boost competition between the US and Asia, Delta said.

The airlines signed a memorandum of understanding to implement a joint venture arrangement, which will offer customers access to the most comprehensive route network, industry-leading airline products, and world-class airport facilities.

Upon the signing of the final joint venture arrangement, Delta and Korean Air will work together to implement all aspects of the enhanced co-operation including expanded codesharing, frequent flyer programs and joint growth in the trans-Pacific market, with co-location at key hubs.

Delta will be launching new nonstop service between Atlanta and Seoul in June 2017, a flight that complements Korean Air´s existing service. At the same time, Korean Air will continue to expand its US — Korea network in summer 2017 with the introduction of a third roundtrip between Los Angeles and Seoul, as well as a second flight between San Francisco and Seoul.

Delta Air Lines serves nearly 180 million customers each year. Delta and the Delta Connection carriers offer service to 323 destinations in 57 countries on six continents. Headquartered in Atlanta, Delta employs more than 80,000 employees worldwide and operates a mainline fleet of more than 800 aircraft. The airline is a founding member of the SkyTeam global alliance and participates in the industry´s leading transatlantic joint venture with Air France-KLM and Alitalia as well as a joint venture with Virgin Atlantic.

Korean Air carried more than 24 million passengers in 2015. Korean Air operates over 460 flights per day to 132 cities in 46 countries on six continents with a fleet of 175 aircraft including ten A380s. The airline is a founding member of the Sky Team airline alliance, which together with its 20 members, offers its 665 million annual passengers a worldwide system of more than 17,343 daily flights covering 1,062 destinations in 177 countries.