Sir Richard Branson has said that he now intends to hold on to his majority stake in Virgin Atlantic.
In a blog post, Branson said he intended to hold on to his 51% share in the airline, which he founded 35 years ago.
The billionaire businessman had announced in 2017 that he would sell 31% of his shareholding to Air France-KLM as part of a £220 million deal, leaving him and his family with just 20%.
The sale was part of a plan to forge a three-way partnership between Virgin, US carrier Delta – which owns 49% of the airline – and Air France-KLM. The deal received approval from US regulators last month.
In his blog, Branson wrote: “To get the deal done, we initially thought our family would need to reduce its shareholding in Virgin Atlantic. I was willing to do so, reluctantly, to guarantee the long-term success of Virgin Atlantic.”
However, he said that subject to contract, he had agreed with Delta and Air France-KLM that he and his family would retain their 51% share of Virgin Atlantic.
