Virgin Tiger takeover gets FIRB nod
The Foreign Investment Review Board (FIRB) has given the nod to Virgin Australia’s bid to acquire a 60 per cent stake in Singapore based Tiger Airways.
The announcement by the FIRB comes a month after the Federal consumer watchdog, the ACCC, gave the green light for the acquisition to go ahead.
In a brief statement to the market earlier today, Virgin Australia welcomed the confirmation from the FIRB, saying it will enable Virgin Australia to proceed with the transaction, which is expected to be completed by mid-July this year.
“This confirmation satisfies another condition for the proposed acquisition of Tiger Australia, which will enable Virgin Australia to access the budget market segment and expedite the growth of Tiger Australia,” the company said in a statement.