Singapore Airlines is increasing its stake in Virgin Australia by another 9.9% to 19.9% through a share purchase held by the Virgin Group, subject to approval from Australia’s Foreign Investment Review Board (FIRB). That will be 255.5 million shares at 48 Australian cents per share for a total of A$122.6 million. This announcement comes one day after Tiger Airways’ announcement that Virgin Australia will buy 60% of Tiger Airways shares.
Singapore Airlines first acquired 10% of Virgin Australia late last year through an injection of funds in Virgin Australia Holdings while the two airlines entered into a long-term partnership two years ago encompassing codesharing, reciprocal frequent-flyer programme benefits and lounge access, co-ordinated schedules and joint sales, marketing and distribution activities.
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