Tiger Airways Holdings Limited and Virgin Australia Holdings Limited stated (08-Jul-2013) the acquisition by Virgin Australia of 60% of Tigerair Australia is complete. Tigerair CEO Koay Peng Yen said: “We can now look forward to a new beginning for our operations in Australia. We are confident that our partnership with Virgin Australia will yield a stronger Tigerair Australia.” Virgin Australia CEO John Borghetti said: “The acquisition of 60% of Tigerair Australia enables Virgin Australia to re-enter the budget travel market segment". Tigerair Australia CEO Rob Sharp added: “We are now well placed to build on the foundations of Tigerair Australia, ensuring it has the right scale to compete effectively. Our aim is for Tigerair Australia to become a sustainable and respected budget carrier in Australia”. Mr Borghetti will be appointed as chairman of Tigerair Australia and Wendy Cheah will be appointed as CFO. [more - original PR]
Tigerair completes sale of 60% of Tigerair Australia to Virgin Australia
You may also be interested in the following articles...
Australia and New Zealand hit highs in 2016, but 2017 will lose a little lustre
Australia and New Zealand enter 2017 on a different level from 12 months previously. The biggest change, not just compared to 2016 but since the global financial crisis, is that Qantas is revelling in a successful turnaround.
Tigerair Australia Pt 1: Virgin Australia LCC subsidiary completes transformation with first profit
Tigerair Australia has completed a challenging turnaround, with its first annual profit. The LCC, now a fully owned subsidiary of Virgin Australia, was profitable for the first time in its nine-year history in the year ending 30-Jun-2016.
Synergies with Virgin Australia, operational improvements and network adjustments have contributed to the transformation. Virgin Australia has joined its rival Qantas in employing an effective two brand strategy, with Tigerair Australia focused entirely on the leisure sector.
This is the first in a two-part series of reports on the recent performance and outlook for Tigerair Australia. This article will focus on its transformation and newfound profitability. The second will look at potential areas for future long-term growth, including in the international market and with partnerships.