Tiger Airways Holdings (Tigerair) and Virgin Australia Holdings said on Monday that Tigerair has completed the sale of a 60 per cent stake in Tiger Airways Australia to Virgin Australia.
The transaction was first announced on October 30 last year.
"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", said Virgin Australia's chief executive officer John Borghetti.
"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," added Tigerair chief executive officer Koay Peng Yen.
Mr Borghetti will be appointed as chairman of Tigerair Australia and while Ms Wendy Cheah will be appointed as chief financial officer.