- Australia’s Qantas Airways QABSY said it is acquiring the remaining 80% stake in Alliance Aviation Services for A$610.8 million ($443.14 million) in an all-stock deal, Reuters reported.
- The acquisition is expected to expand Qantas’ presence in the charter business.
- The airways will make use of the increased activity in the mining sector after reopening international borders to serve customers.
- Alliance investors will get A$4.75 per share, a more than 35% premium to the stock’s last close.
- “The resources sector continues to grow, and any new tender for airline services will be very competitive,” said CEO Alan Joyce.
- Qantas had purchased a 19.9% stake in Alliance in 2019.
- Photo via wikimedia Commons
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