Virgin in $7.47b sale

British businessman Richard Branson is to sell almost half of his airline, Virgin Atlantic, to Singapore Airlines.

Virgin Atlantic said yesterday it would sell a 49 per cent stake to the Singaporean flag carrier for GBP600.25 million (HK$7.47 billion) as part of a new global partnership.

The deal is expected to help draw Virgin Atlantic into the Star Alliance, the world's largest airline grouping, and expand Singapore Airlines' foothold at Heathrow.

Singapore's investment includes a GBP49 million capital injection into Virgin Atlantic.