Abu Dhabi-based Etihad Airways has said that it has raised its equity stake in Virgin Australia to 19.9 per cent and that the two companies continue to deepen their strategic partnership.
This follows a series of on-market purchases of Virgin Australia shares over recent weeks. At 19.9 per cent, Etihad Airways has reached the threshold approved by Australia?s Foreign Investment Review Board in June 2013.
'We are delighted to have reached this milestone. It reflects our strong support for the business strategy and management team of Virgin Australia and our enduring commitment to the
Australian market.
'It also reflects the close working relationship between our two airlines and we look forward to strengthening its commercial foundations,' James Hogan, President and Chief Executive Officer of Etihad Airways, said.
Etihad Airways and Virgin Australia signed a 10-year strategic partnership agreement in August 2010 that includes code-sharing on flights, joint sales and marketing activities, and reciprocal earn-and-burn on their respective frequent flyer programmes.
'The strategic partnership continues to deliver significant revenue streams and other benefits to each airline. Increasing our equity in Virgin Australia will further enrich the commercial benefits which the partnership delivers for both airlines as well as increasing the benefits to Australian travellers and visitors to Australia,' Hogan said.
Benefits include seamless connectivity to more than 40 codeshare destinations in Australia, New Zealand, Indonesia and Thailand and loyalty programme privileges such as priority baggage handling, boarding and airport lounge access for top-tier programme members.
This follows a series of on-market purchases of Virgin Australia shares over recent weeks. At 19.9 per cent, Etihad Airways has reached the threshold approved by Australia?s Foreign Investment Review Board in June 2013.
'We are delighted to have reached this milestone. It reflects our strong support for the business strategy and management team of Virgin Australia and our enduring commitment to the
Australian market.
'It also reflects the close working relationship between our two airlines and we look forward to strengthening its commercial foundations,' James Hogan, President and Chief Executive Officer of Etihad Airways, said.
Etihad Airways and Virgin Australia signed a 10-year strategic partnership agreement in August 2010 that includes code-sharing on flights, joint sales and marketing activities, and reciprocal earn-and-burn on their respective frequent flyer programmes.
'The strategic partnership continues to deliver significant revenue streams and other benefits to each airline. Increasing our equity in Virgin Australia will further enrich the commercial benefits which the partnership delivers for both airlines as well as increasing the benefits to Australian travellers and visitors to Australia,' Hogan said.
Benefits include seamless connectivity to more than 40 codeshare destinations in Australia, New Zealand, Indonesia and Thailand and loyalty programme privileges such as priority baggage handling, boarding and airport lounge access for top-tier programme members.