Delta and Virgin will no longer have to compete for transatlantic passengers. (InSapphoWeTrust/Flickr)

The new deal allows both carriers to operate and share in the cost and revenues of 31 peak-day round-trip flights between Britain and North America. 

In order to seal the deal, Delta must pay Singapore Airlines $360 million for control of its share in Virgin Atlantic. The airlines must also file an application for antitrust immunity with the U.S. Department of Transportation, the U.S. Department of Justice and the European Union's competition regulators. 

The deal, praised by airline analysts for expanding access to London's Heathrow Airport, is expected to gain approval by the end of 2013.

Read the full story at the LA Times.

Reach Executive Producer Amanda Martinez here.