Months after Singapore Airlines (SIA) launched a takeover offer for Tiger Airways, the budget airline will now be absorbed into the folds of the national carrier.
Since November last year, SIA went on a speedy trajectory towards taking full control of Tiger Airways, intending to delist and privatise it. Early last month, SIA’s stake in Tiger Airways rose to over 90 percent — later on, they announced that they acquired more than 95.6 percent of the budget carrier.
The level allows for compulsory acquisition of all of Tiger Airway’s outstanding shares. And since offer for the shares SIA doesn’t already own is closing today, the budget carrier will be fully absorbed.
“Singapore Airlines would like to thank Tiger Airways shareholders who found our offer compelling,” SIA CEO Goh Choon Phong enthused. “With full ownership of Tiger Airways, we will be able to fully integrate it within the SIA Group, strengthening Tiger Airways’ future growth prospects”.
It’s been a good week for SIA indeed, with the first of their new fleet of Airbus A350-9000s having arrived in Singapore yesterday morning. Their new aircrafts will be deployed on long-haul services to Amsterdam from May, and Dusseldorf from July onwards.
