Australia’s second largest carrier Virgin Australia Holdings Limited (ASX:VAH) is poised to snap up a remaining 40 per cent stake in Tigerair Australia.
Virgin has inked a deal with Tiger Airways Holdings to buy the remaining shares it does not already own in Tigerair Australia for $1.
While the exact terms of the transaction have not been disclosed Virgin has vowed to bring Tigerair Australia back to profitability ahead of schedule by the end of 2016.
Subject to approvals Virgin expects to tie up the deal to secure complete ownership of Tigerair Australia by the end of this year.
Virgin Australia Holdings reported a net loss of $356 million in the 2014 financial year.
