Delta Air Lines has launched a cash tender offer to acquire up to an additional 32 per cent of the outstanding capital stock of Grupo Aeroméxico at 53 Mexican pesos ($2.6) per share, valuing the deal at about $590 million.

Currently, Delta owns approximately 4.2 per cent of the outstanding shares of Grupo Aeroméxico and holds options to acquire an additional 12.8 per cent. If fully subscribed, following completion of the tender offer, Delta would own and/or have options to acquire up to a total of 49 per cent of the outstanding shares of Grupo Aeroméxico.

“This is the next step in expanding our longstanding relationship with Aeromexico, a partnership built on our shared commitment to our customers in the U.S. and Mexico,” said Ed Bastian, Delta’s chief executive officer. “The tender offer and investment will further strengthen the relationship that will be established when our joint cooperation agreement is implemented in the second quarter.” – TradeArabia News Service