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High-flying deal gets go-ahead
The Australian Competition and Consumer Commission (ACCC) has given the go-ahead for Virgin Australia to acquire 60 per cent of Tiger Australia.
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Firm: Gilbert + Tobin (Virgin Australia and Tiger Airways)
Deal: Gilbert + Tobin acted for Virgin Australia and Tiger Airways to obtain informal clearance from the ACCC to allow Virgin Australia to acquire 60 per cent of Tiger Australia
Area: Competition
Value: Undisclosed
Key players: The Gilbert + Tobin team was led by competition and regulation partner Luke Woodward (pictured) and senior lawyers Charles Coorey and Louise Klamka
Deal significance: The proposed acquisition will allow for the creation of a Tiger Australia joint venture between Virgin Australia and Tiger Australia’s Singaporean parent, Tiger Airways Holdings. Gilbert + Tobin lead partner Luke Woodward said: “The transaction gave rise to a number of complex competition law and economic issues, in particular, the extent to which Virgin Australia’s participation in the joint venture would strengthen Tiger Australia and promote competition in the budget travel segment. These issues were subject to thorough and extensive testing by the ACCC over the last six months. Both the parties are pleased that the ACCC has given them the opportunity to transform Tiger Australia into a competitive and sustainable low-cost carrier.”
