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Singapore approves Virgin Australia acquisition of Skywest

7-Dec-2012 10:37 AM

Virgin Australia Holdings and Skywest Airlines announced (06-Dec-2012) the Securities Industry Council of Singapore (SIC) granted formal approval to the terms of the proposed acquisition of Skywest by Virgin. The acquisition will be undertaken through Virgin’s wholly-owned subsidiary, VAH Newco No. 2 by way of a scheme of arrangement. Skywest Airlines is incorporated in Singapore, necessitating approval from the Singaporean regulator. Virgin is still waiting on Australian Consumer and Competition Commission (ACCC) approval of the Skywest acquisition as well as approval from Skywest shareholders. The ACCC is also yet to rule on Virgin Australia's proposed acquisition of a 60% stake in Tiger Airways Australia. [more - original PR]