Tiger Airways acquires 40% of Southeast Asian Airlines for USD7m

Tiger Airways announced (04-Jun-2012) it finalised a sale and purchase agreement to acquire 40% of Southeast Asian Airlines (SEAir) for USD7 million "less liabilities to be confirmed in a due diligence review". The stake will be held through Tiger's wholly owned subsidiary Roar Aviation. Tiger Airways CEO Chin Yau Seng said, "We are pleased to welcome a new Cub to our family and look forward to nurturing its growth with our Filipino business partners. The investment in SEAir is in-line with our strategy to develop the business into a pan-Asian one, one that will enable us to leverage on the strength of our Singapore base and scale up the size of our business across the region". This investment is Tiger's second joint venture in Asia, following its acquisition of a 33% stake in Indonesia's Mandala Airlines in Jan-2012. SEAir currently operates two A319s leased from Tiger and plans to add three A320s to its fleet within 2012 with the launch of new routes. [more - original PR - Tiger Airways] [more - original PR - Tiger Airways - II]