Virgin’a Australia’s acquisition of Skywest Airlines has been approved by the Foreign Investment Review Board, clearing another hurdle for the deal to go forward.
Skywest shareholders last week approved the deal, which would see Virgin purchase 100 per cent 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.
Virgin says the deal will enable it to fast-track growth in regional Australia and develop a better integrated network.
The acquisition remains subject to approval by the Singapore High Court.