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Business

Air France and KLM Put Pen to Paper

After the fanfare over the announcement last month they would join forces, Air France and KLM signed their landmark merger deal on Thursday, completing a combination that will create Europe's largest carrier. A statement from the airlines said terms of the deal were unchanged from those announced two weeks ago, with Air France acquiring its smaller rival for just under €800 million ($934.6 million) in stock and establishing a holding company that would preserve the national identities of the two airlines. The signed deal puts the newly combined Air France-KLM ahead of Japan Airlines System Corp. as the world's biggest carrier by revenue and puts the group third using the industry benchmark, miles or kilometers traveled by paying passengers, International Air Transport Association data shows.