Singapore Airlines Ltd. (SINGY, C6L.SG) said Wednesday it has signed a deal to buy an additional 9.9% equity stake in Virgin Australia Holdings Ltd. (VAH.AU) for 122.6 million Australian dollars (US$125.8 million).
The Singapore flag carrier will buy 255.5 million shares held by the Virgin Group, paying 48 cents per share, according to an announcement sent to the Singapore Exchange.
The stake purchase needs the approval of Australia's Foreign Investment Review Board, it said.
Singapore Airlines initially acquired 10% stake in Virgin Australia in late 2012 after the two carriers announced a partnership in 2011 for codesharing and joint sales.
