Expanding low-cost operator AirAsia has confirmed that it has entered into a Conditional Share Sale Agreement together with its partner PT Fersindo Nusaperkasa through its fully-owned subsidiary AirAsia Investment Ltd to acquire PT Metro Batavia, which operates the Indonesian airline, Batavia Air, and Aero Flyer Institute, an aviation training school. In accordance with Indonesian civil aviation ownership regulations, AirAsia Investment will hold a 49 per cent stake in the businesses with the 51 per cent majority held by its Indonesian partner, Fersindo, already the 51 per cent shareholder of Air Asia’s airline interest in the country Indonesia AirAsia.
The $80 million deal witll be completed in two stages, an initial purchase of a 76.95 per cent stake, subsequently followed by the remaining 23.05% held by its existing shareholders. The acquisition is expected to complete by 2nd quarter 2013 and is subject to regulatory approvals in Indonesia.
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