No objection to Virgin Australia’s Tiger acquisition

 Virgin Australia is one step closer to owning more than half of Tiger Airways Australia, after the Foreign Investment Review Board said it has “no objections” to Virgin’s proposed acquisition of 60 percent of the existing shares in the low-cost carrier.

Announced this morning, Virgin said the approval satisfies another condition for the acquisition, which will give the airline access to the budget market.

Last month, the Australian Competition and Consumer Association (ACCC) said it too would not block Virgin from completing the transaction, because it is unlikely to impact competition in the Australian market.

Although still subject to condition, Virgin said it expects the transaction to be complete by mid-July this year.

Sourced: etravelblackboardasia