Branson sells majority stake in Virgin Atlantic in broader tie-up

A Virgin Atlantic Boeing passenger jet performs an emergency landing at Gatwick Airport after developing a landing gear fault, London, Monday, Dec. 29 2014. (AP / PA, Gareth Fuller)

LONDON -- Richard Branson is selling his majority stake in Virgin Atlantic.

The billionaire entrepreneur's Virgin group announced Thursday that he was selling a 31 per cent stake to Air France-KLM for 220 million pounds ($287 million). Delta will retain its 49 per cent stake.

Meanwhile, Delta and China Eastern will take a 10 per cent stake each in Air France-KLM by buying shares in a 751 million euro capital increase.

The airlines said the moves are part of a broader partnership between them and would reinforce the strategic, commercial and financial ties.

Branson says in a statement that this is a "fantastic opportunity to extend our network and create a stronger customer champion."

Virgin and Air France together offer more than 300 daily trans-Atlantic flights.