Delta Air Lines and China Eastern Airlines have announced they have acquired separate 10% stakes in Air France-KLM Royal Dutch Airlines Group.

In a statement, the two transactions were valued at EUR375 million (USD437.1 million) each with either carrier gaining access to the Franco-Dutch carrier's board.

In tandem with the deal, Delta and Air France-KLM will be expanding their transatlantic joint-venture to include Virgin Atlantic (VS, London Heathrow) in which Air France-KLM has now acquired a 31% stake.

“With our partners Delta and Virgin Atlantic, we are pleased to reinforce our transatlantic partnership, offering our customers even more choice between Europe, UK and the United States via twelve hubs on both sides of the Atlantic,” Jean-Marc Janaillac, CEO, Air France-KLM, said.

The long-term joint venture, which will include Alitalia (AZA, Rome Fiumicino), will offer better-timed flight schedules with more competitive fares and reciprocal frequent flyer benefits, including the ability to earn and redeem miles across all carriers. Facilities will also be co-located at key airport hubs to improve connectivity times for customers, as well as access to each carriers’ airport lounges for premium customers.

All transactions are subject to execution of definitive agreements and receipt of final shareholder, board, and regulatory approvals.