Virgin Australia Holdings Limited (Virgin Australia) and Tiger Airways Holdings Limited (SGX:TGR) (Tigerair) confirm that they have today completed the transaction announced on 30 October 2012, with Virgin Australia acquiring 60 per cent of Tiger Airways Australia Pty Ltd (Tigerair Australia).

Virgin Australia Chief Executive Officer John Borghetti said: “The acquisition of 60 per cent of Tigerair Australia enables Virgin Australia to re-enter the budget travel market segment. We are very pleased to partner with Tigerair in Tigerair Australia and we look forward to working together to expedite its growth”, Mr Borghetti said.

Tigerair Chief Executive Officer Koay Peng Yen said: “We can now look forward to a new beginning for our operations in Australia. We are confident that our partnership with Virgin Australia will yield a stronger Tigerair Australia”.

Tigerair Australia Chief Executive Officer Rob Sharp said: “We are now well placed to build on the foundations of Tigerair Australia, ensuring it has the right scale to compete effectively. Our aim is for Tigerair Australia to become a sustainable and respected budget carrier in Australia”.

Virgin Australia Chief Executive Officer John Borghetti will be appointed as Chairman of Tigerair Australia and Wendy Cheah will be appointed as Chief Financial Officer. Further details of the Board are included below.