Virgin Australia’s Holdings Limited
(ASX:VAH) purchase of 60 per cent of Tiger Airways' shares has been approved by the Foreign Investment Review Board.
Virgin says it welcomes the decision, which satisfied another condition of the acquisition.
Virgin says it can now access the budget market segment and expedite the growth of Tiger Australia.
The airline says while the deal was still subject to some conditions, it expected the transaction to be completed by mid-July.
Virgin Australia generated a net profit of $23 million in the first half of the current financial year.
