Singapore Air to Hike Stake in Virgin Australia
April 23 2013 - 9:10PM
Dow Jones News
SINGAPORE--Singapore Airlines Ltd. (SINGY, C6L.SG) said
Wednesday it has signed a deal to buy an additional 9.9% equity
stake in Virgin Australia Holdings Ltd. (VAH.AU) for 122.6 million
Australian dollars (US$125.8 million).
The Singapore flag carrier will buy 255.5 million shares held by
the Virgin Group, paying 48 cents per share, according to an
announcement sent to the Singapore Exchange.
The stake purchase needs the approval of Australia's Foreign
Investment Review Board, it said.
Singapore Airlines initially acquired 10% stake in Virgin
Australia in late 2012 after the two carriers announced a
partnership in 2011 for codesharing and joint sales.
Write to Gaurav Raghuvanshi at
gaurav.raghuvanshi@dowjones.com
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