Singapore Airlines will almost double its share of Virgin Australia, taking SQ's strategic stake in its Australian partner to 19.9 percent, up from the previous 10 percent.
The deal is worth some A$122.6 million, and subject to approval from Australia’s Foreign Investment Review Board.
“Increasing our stake in Virgin Australia is another example of Singapore Airlines' deep commitment to the important Australian market” said Singapore Airlines CEO Goh Choon Phong.
“It also demonstrates our support for the ongoing transformation of Virgin Australia, which has created a more competitive aviation market in Australia."
Virgin Australia and Singapore Airlines entered into a long-term partnership in 2011, encompassing codesharing, reciprocal frequent flyer programme benefits and lounge access and co-ordinated schedules to provide seamless connections between flights of each airline.
SQ's stake in Virgin Australia now equals that of Air New Zealand, with Richard Branson's claim reported at around 16 percent, followed by Etihad's 9 percent.
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