SIA sells stake in Virgin Atlantic for $439m

SINGAPORE'S national carrier has agreed to sell its 49 per cent stake in Virgin Atlantic to Delta Air Lines for US$360 million (S$439 million) in cash.

In a statement issued this evening, Singapore Airlines said it had been "evaluating strategic options for the stake for some time, as the investment has not performed to expectations and the synergies the parties originally hoped for have not materialised".

It also said the sale will result in a profit being booked in its accounts.

Singapore Airlines acquired the stake in the United Kingdom-based airline group in 2000.