Cebu Pacific / Tigerair Deal – DONE!
Cebu Pacific Air takes over Tigerair (Philippines)!
A press-conference of the two companies was held at 10 a.m. this morning. Cebu Pacific Air is a unit of JG Summit Holdings, while Tiger Air is the Philippine unit of Singapore’s low-cost airline.
The press-conference is over.
Tiger Airways Holdings Ltd informed a few minutes ago it would sell its entire 40 percent stake in its Philippine business, with the country’s largest budget carrier Cebu Air Inc taking over in a further consolidation in domestic carriers.
Cebu Pacific Air will acquire 40 percent of Tigerair Philippines from Tiger, and 60 percent from Tiger’s Philippine partners.
The takeover of Tiger Philippines will allow Cebu Pacific Air to raise its share of slots by about 10 percent in Manila’s crowded runways and limited terminal capacity.