Sullivan & Cromwell is advising Delta Air Lines on its strategic partnership with LATAM Airlines Group, which brings together the leading airlines in North and Latin America. Cleary Gottlieb Steen & Hamilton represents LATAM in the deal.

As part of the agreement, Delta will acquire a 20% stake in LATAM for $1.9 billion. The partnership marks the end of LATAM’s pursuit of a joint-venture with American Airlines and LATAM’s exit from the Oneworld alliance of airlines. Chilean regulators had knocked down the deal with American.