Virgin Australia has completed its 100% acquisition of Skywest, with the scheme becoming binding on all parties on Thursday 11 April. In a statement to the Australian Stock Exchange, Virgin CEO John Borghetti said: “We are very pleased to have completed the transaction and to now be able to bring the Skywest business into the Virgin Australia Group".
Virgin Australia’s $100 million purchase of Skywest Airlines - announced in October 2012 - was recently approved by the Singapore High Court, clearing the way for the deal to go forward. Prior to that, the acquisition of Skywest Airlines had also been approved by the Foreign Investment Review Board, after Skywest shareholders approved the deal in mid-March.
No doubt as a result of the acquistion, Skywest Fokker F-100 VH-FSQ was ferried into Perth from Townsville on Wednesday 10 April, where it had been repainted in a full Virgin Australia livery.
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| Fokker F-100 VH-FSQ at Townsville Airport (photo taken by Dave ©) |
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| Fokker F-100 VH-FSQ at Townsville Airport (photo taken by Dave ©) |
The acquisition has seen Virgin purchase 100% of Skywest’s issued share capital. Under the agreement, Skywest would become a part of the Virgin brand while continuing to operate under its current Air Operator’s Certification and its own management team.
The acquisition of Skywest will enable Virgin to not only develop a better integrated network, but to also fast-track its growth and presence in important market segments such as the high growth fly-in-fly-out market and key regional areas across Australia.
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