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Unhappy Sir Richard Branson: There Was Nothing I Could Do To Stop Virgin America’s $4B Takeover
April 5, 2016
Alaska Air just bought out Virgin America in a $4B takeover—and Richard Branson isn’t happy about it. "I would be lying if I didn't admit sadness that our wonderful airline is merging with another," Branson wrote Monday on Virgin's website.
"There was sadly nothing I could do to stop it.”
The US Department of Transportation allows only 25% of a US-based airline to be owned by a foreign entity or non-US citizen. And since Branson is British, his control was limited, Business Insider reports.
Despite the takeover, Branson is still deeply involved in the future of travel. The entrepreneurship icon recently told us in an exclusive sitdown that he's now focusing his efforts on his “female friendly” Virgin Hotels. [BI]
