In December 2012 the airline announced the launch of its joint partnership with Delta air lines that creates an expanded trans-Atlantic network and enhance competition between the U.K. and North America, offering greater benefits for customers travelling on those routes. As part of this joint venture agreement, Delta invested $360 million in Virgin Atlantic, acquiring the 49 per cent stake previously held by Singapore Airlines. Virgin Group and Sir Richard Branson retain the majority 51 per cent stake and Virgin Atlantic Airways retains its brand and operating certificate. This partnership received clearance from the relevant competition authorities in the US and EU in September 2013.