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Singaporean regulators have approved Virgin Australia Holdings Limited’s (ASX:VAH) proposed $98 million purchase of regional airline Skywest Airlines Limited (ASX:SXR, LSE:SKYW).
Australia’s second largest carrier Virgin launched the takeover bid for Skywest last year which is anticipated to fast-track its presence in the growing fly-in-fly out markets.
Capitalising off the mining boom Skywest has charter contracts with global mining companies BHP Billiton Limited (ASX:BHP) and Rio Tinto Limited (ASX:RIO).
Receiving the green light from the High Court of Singapore adds to approvals from Skywest shareholders, the Australian Foreign Investment Review Board and the Australian Competition and Consumer Commission.
Shares in Virgin Australia closed steady at $0.40 before the announcement was made yesterday.
Virgin Australia’s net profit fell 56 per cent to $23 million in the first half of the 2013 financial year.
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