Virgin Australia Holdings Limited
(ASX:VAH) will go ahead with the acquisition of the remaining 40 per cent of Tigerair Australia.
In announcement after the market closed yesterday, Virgin said Tiger Airways shareholders had given their approval for the deal in an Extraordinary General Meeting held on Thursday.
Virgin bought 60 per cent of Tiger Airways for $35 million in 2013 and will take full control of the ailing airline for just $1 including debt. Tigerair made a pre-tax loss of $77 million last financial year.
Virgin CEO John Borghetti is confident he can turn the carrier around into profit by 2016 once it is integrated into Virgin operations.
Virgin Holdings made a net loss of $356 million for the 2014 financial year.
