Delta Said Near Buying Virgin Stake for Up to $500 Million

Delta Air Lines Inc. is nearing a deal to buy a 49 percent stake in Virgin Atlantic Airways Ltd. from Singapore Airlines Ltd. and may pay less than $500 million for it, three people familiar with the matter said.

The price range is $300 million to $500 million and an agreement may be announced this week, said the people, who asked not to be identified because the talks are private. Singapore Airlines paid 600 million pounds for the Virgin Atlantic stake in 1999, or about $966 million now.