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Singapore: Airline nearly doubles Virgin stake in response to Tiger takeover

By  |  April 24, 2013
Singapore: Airline nearly doubles Virgin stake in response to Tiger takeover

Just one day after regulators approved Virgin Australia’s buyout of Tiger Airways, Singapore Airlines has quickly moved in to nearly double its control in Virgin Australia Holdings Ltd. Virgin notified the Australian Securities Exchange that Singapore Airlines has upped its stake in the company to 19.9 percent from 10 percent in a deal made for $122 million. Additionally, the transaction bumps Air New Zealand from the top-spot as Virgin’s most powerful shareholder. The Australian Competition and Consumer Commission announced on Tuesday that it would not contest the Tiger buyout; Virgin Australia how must earn approval for the deal from the Foreign Investment Review Board to finalize the transaction.

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