International partnerships have been one of the biggest trends in aviation over the past two decades. Delta Air Lines (DAL), American Airlines (AAL), and United Airlines (UAL) have teamed up with numerous peers in other countries to gain pricing power and offer more itinerary options to their customers.
Joint ventures with antitrust immunity have been the gold standard among these partnerships. Antitrust immunity allows the alliance members to coordinate on pricing and harmonize their schedules to maximize connectivity.
However, Delta has gone one step further, by making major equity