SUMMARY
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SYDNEY, Australia – Virgin Australia on Tuesday said it has sold a 10% stake in the company to Singapore Airlines for Aus$105 million (US$108 million).
The Singaporean carrier paid 42.88 cents a share for an issue of 245.6 million Virgin Australia stock, a 6.8% discount to their last trade of 46 cents.
The airline joins Etihad Airways which also has a 10% stake in Virgin.
“Singapore Airlines is an important strategic alliance partner of Virgin Australia and we are very pleased to have their support as an investor,” Virgin chief executive John Borghetti said in a statement.
“We believe this investment demonstrates their confidence in our strategy and it enables Virgin Australia to fast track its growth plans.”
News of the Singapore deal came as Virgin Australia announced it had bought a 60% stake in low cost carrier Tiger Airways Australia for Aus$35 million. – Agence France-Presse
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