Virgin Australia pounces on Tiger

Virgin Australia on Tuesday said it has sold 10 per cent of its business to Singapore Airlines while agreeing to buy a 60 per cent stake in low-cost carrier Tiger Airways Australia.

In a slew of announcements, the country’s second-biggest airline after Qantas also said it was making a A$98.7 million (US$101.9 million) takeover offer for Australian regional carrier Skywest.

Virgin agreed to pay A$35 million (US$36 million) for its holding in Tiger, the loss-making subsidiary of Singapore’s Tiger Airways, while Singapore Airlines bought its stake for A$105 million.

via Business feed http://www.scmp.com/business/companies/article/1073096/virgin-australia-pounces-tiger