Virgin on Friday took full control of Tigerair airline Australia, buying the remaining 40 percent it did not already own for Aus$1 (88 US cents) from its Singapore-listed parent.
The deal was revealed as it was announced that Singapore Airlines (SIA) would take majority control of Tiger Airways — of which Tigerair Australia was a subsidiary — as part of a turnaround plan for the loss-making budget firm.
Virgin Australia purchased a 60 percent stake in Tigerair in mid-2013 for Aus$35 million and said agreement had been reached to buy the rest of the carrier, which has struggled to reach profitability, for the tiny sum.
Tiger will continue to license its brand to Virgin.
