Virgin Australia will pay just A$1 to take full ownership of discount carrier Tigerair Australia.
Parent company Tiger Holdings of Singapore has agreed to sell its remaining 40 percent stake in the carrier, which has struggled to reach profitability, for the tiny sum but would continue to licence its brand to Virgin, the Australian Associated Press reports.
Virgin bought a 60 percent stake in Tiger in mid-2013 and Chief Executive John Borghetti today said moving to full ownership would enable it to bring the discount carrier to profitability sooner.
"Under this proposed transaction, we will benefit from the economies of scale and achieve profitability ahead of schedule by end-2016, by leveraging the resources of the wider Virgin Australia Group," he was quoted as saying.
Under the deal, Virgin would also obtain brand rights to fly Tigerair Australia to overseas destinations, which could see it compete with Qantas-owned Jetstar, internationally.
Borghetti said Virgin would continue to operate Tiger as a separate brand.
Bernama
Fri Oct 17 2014
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Two Tiger Airways planes sitting on the tarmac at Melbourne's Tullamarine Airport. - AFP Photo/Files/William West
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Global Financial Shifts: What emerging economies need to know
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#AWANIRingkas 15 Ogos 2024 | 9 AM
Berikut merupakan rangkuman berita setakat 9 pagi, 15 Ogos 2024
1️⃣ TPM wakili Malaysia di EMM di Peru
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#awaniringkas
1️⃣ TPM wakili Malaysia di EMM di Peru
2️⃣ Misteri kehilangan Nidza Afham
3️⃣ Rundingan gencatan Gaza di Qatar hari ini
#awaniringkas
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