Singapore approves Virgin’s Skywest acquisition

Virgin Australia has received Singaporean approval on its proposed acquisition of Skywest.

Last month, the carrier revealed plans to fully-acquire Skywest and merge the airline into the Virgin Australia brand.

Receiving approval from the Securities Industry Council of Singapore for the proposal last week, the airline said it has since moved into an implementation agreement to launch the takeover and mergers scheme.

Virgin expects the acquisition to fast-track the carrier’s presence in the growing regional markets and increase competition.

The purchase is still subject to Australia Competition and Consumer Commission, High Court of the Republic of Singapore and the Australian Foreign Investment Review Board’s approval.

Virgin Australia is also still awaiting regulatory approval on a proposed acquisition of a 60 percent stake in Tiger Airways.

Sourced: etravelblackboardasia