Delta has purchased 10% of Air France

Delta Boeing 777 200LR AeromexicoFlickr/BriYYZDelta Air Lines Boeing 777-200LR.

Delta Air Lines and China Eastern have announced that they have each purchased 10% of Air France.

In addition, Air France has agreed to purchase the Virgin Group’s 31% stake in Virgin Atlantic valued at $US287 million.

Air France-KLM formed following a 2004 merger that saw the national airlines of France and the Netherlands come together to form one of the largest carriers in Europe.

In 2012, Delta acquired a 49% stake in Virgin Atlantic Airways from Singapore Airlines in a deal worth $US360 million.

In 2015, Delta acquired 3.55% of China Eastern Airlines for $US450 million.

Last week, Air France announced the launch of Joon, a boutique, millennial-focused airline that’s it hopes will put the company in a better position to compete globally.

This story is developing.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.