Shares of Latam soar; Delta details deal between airlines

Shares of Chile's Latam Airlines Group soar after a $1.9 billion investment from Delta Air Lines

U.S.-traded shares of Chilean-based Latam rose $2.77, or 31%, to $11.78 in midday trading. Delta will pay $16 a share.

Delta CEO Ed Bastian told analysts Friday the deal will boost earnings within the next two years and raise revenue by $1 billion over five years.

Latam serves destinations in Chile, Brazil, Argentina, Colombia and other countries. The deal still needs regulatory approval.

American Airlines wanted a deal with Latam but was blocked by a court ruling in Chile.