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Tiger Airways Holdings Ltd Receives Approval From Australian ACCC For Sale Of 60% Of Tiger Airways Australia Pty Ltd Stake To Virgin Australia Holdings Limited's Subsidiary


Monday, 22 Apr 2013 07:54pm EDT 

Tiger Airways Holdings Ltd announced that it has received the go-ahead from the Australian ACCC for the sale of 60% of Tiger Airways Australia Pty Ltd (Tiger Australia) stake to Virgin Australia. Tiger Airways and Virgin Australia have committed to invest up to a further AUD62.5 million collectively into the business to fund growth in Tiger Australia. They have also committed to increasing Tiger Australia’s fleet size to 23 by March 31, 2018, with the potential to further increase to 35 aircraft. Tiger Australia will be managed as a standalone entity, with a separate Board and Management team. Tiger Australia will also pay an annual license fee to Tiger Airways for the use of the Tiger brand for 20 years based on a fixed percentage of Tiger Australia’s total gross revenue, with options to renew for another two periods of five years each. Tiger Australia has also agreed to make a payment of AUD5 million to Tiger Airways, if Tiger Australia achieves certain financial performance targets within five years. The Group expects the transaction to be completed in the second half of 2013.