In a post online, Virgin founder Richard Branson shared his thoughts on the $2.6 billion acquisition of Virgin America by Alaska Air, writing that he would be "lying if I didn't admit sadness that our wonderful airline is merging with another."
Consolidation is a "trend that sadly cannot be stopped," Branson said, and because he's not American, the U.S. Department of Transportation "stipulated I take some of my shares in Virgin America as non-voting shares, reducing my influence over any takeover. So there was sadly nothing I could do to stop it." In the United States, only 25 percent of a U.S.-based airline can be owned by a foreign entity or non-U.S. citizen, Business Insider reports; Branson is British.
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