Virgin gets nod from Skywest shareholders

Virgin gets nod from Skywest shareholders
By admin

Skywest shareholders have approved the proposed acquisition of the regional carrier by Virgin Australia, edging the deal closer to completion.

Virgin welcomed the news, saying the shareholder approval satisfies another of the conditions required for the deal to proceed. But it admitted there is still some way to go.

"The proposed acquisition still remains subject to certain conditions and regulatory approvals, including approval of Foreign Investment Review Board and the sanction of the High Court of Singapore," the carrier said in a statement.

If it gets the go ahead, Virgin will take control of 100% of Skywest with the regional carrier to be rebranded as Virgin Australia.

The "in-principle" agreement, announced in October, forms part of a series of major transactions for Virgin which included the now complete sale of a 10% share to Singapore Airlines and the acquisition of a 60% stake in Tiger Airways, which is still pending approval from the competition regulator.

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