$60 million deal for 19.9% of charter operator, with long-term plans to take a majority stake.
Qantas has just announced it has taken a 19.9% shareholding in Alliance Airlines, paying a total cost of $60 million at an average price of $2.40 per share.
Alliance Airlines is a “profitable, well-managed business with high levels of operational maturity,” Qantas said, with the business also a long-term provider to the Qantas Group.
Alliance flies regional services on behalf of QF, and also serves the resources sector in Western Australia and Queensland.
“Qantas expects to ultimately seek regulatory approval from the ACCC to build on its current shareholding, with a longer-term view of taking a majority position in Alliance Airlines in order to better serve the charter market by unlocking synergies,” the company said.
More details in today’s issue of Travel Daily.