Qantas Airways Acquires Remaining 80% Stake In Alliance Aviation For $443M: Reuters

by Shivani Kumaresan, Benzinga Staff Writer

May 5, 2022 7:53 AM | 1 min read | Make a Comment

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