IT'S OFFICIAL: Virgin's 60% Tigerair Tie-Up Complete

Sir Richard Branson (R) and CEO John Borghetti (L) are seen exiting an A330 airplane during a rebranding launch. Photo: Getty/Don Arnold

Virgin Australia today told the market it had finalised its acquisition of 60% of Tigerair, formally known as Tiger Airways.

Chief executive John Borghetti is going to be the chairman now, and his chief financial officer Sankar Narayan will also sit on the board.

The deal will allow Virgin to re-enter the budget travel market segment, Borghetti said in a statement.

Under his leadership, the company has transformed from a low-cost operator to full-service carrier alongside rival airline Qantas.

“We are confidant that our partnership with Virgin Australia will yield a stronger Tigerair Australia,” said Tigerair boss Koay Peng in a statement.

Now read: Tony Abbott Stayed Loyal To Qantas After Virgin Offered To Host Him In Its Airport Lounge

Follow Business Insider Australia on Facebook and Twitter

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.