Delta Air Lines (NYSE: DAL) said it intends to acquire up to an additional 32 percent of the outstanding capital stock of Grupo Aeromexico S.A.B. de C.V. (BMV: AEROMEX) through a cash tender offer for MXPUSD43.59 per share.
This investment will strengthen the airlines´ partnership, provide more travel options for customers in the US and Mexico and deliver the industry´s best customer experience.
Currently, Delta owns approximately 4.1 percent of the outstanding shares of Grupo Aeromexico and holds an option to acquire an additional 8.1 percent. Separately, the Delta pension trust holds options to acquire approximately 4.6 percent of Grupo Aeromexico. Following completion of the tender offer, Delta and the Delta pension trust collectively would own and/or have options to acquire up to a total of 49 percent of the outstanding shares of Grupo Aeromexico.
Delta intends to commence the tender offer once required regulatory approvals in Mexico and the United States have been obtained. The tender offer will be subject to terms to be disclosed and customary closing conditions, including the acquisition by Delta of a minimum number of shares in the tender offer. The transaction also is subject to approval by the boards of directors of Delta and Grupo Aeromexico.
Delta Air Lines serves more than 170 million customers each year. It is a founding member of the SkyTeam global alliance and participates in the industry´s leading trans-Atlantic joint venture with Air France-KLM and Alitalia as well as a joint venture with Virgin Atlantic.