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Branson Drops Air France Deal to Keep Control of Virgin Atlantic

Dec. 2, 2019, 5:39 PM

U.K. billionaire Richard Branson said he’s scrapping the planned sale of a stake in Virgin Atlantic Airways Ltd.in favor of retaining control and expanding the airline he founded.

Branson has reached a deal to abandon a two-year-old plan to sell part of the airline to Air France-KLM Groupand will hang on to the 31% stake, keeping a 51% holding overall, he said in a letter to staff posted on his personal blog Monday. The accord is “subject to contract,” he said.

Richard Branson

Air France-KLM had agreed to buy the stake for about 220 million pounds ($284 million) in...

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