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Cebu Pacific has completed the deal to acquire Tigerair's 40 per cent stake in Tigerair Philippines, part of a wide-ranging strategic alliance between the two airlines.
The agreement, which was announced two months ago, will enable Tigerair to tap into Cebu Pacific's extensive network in the Phillipines and North Asia, while Cebu Pacific will be able to extend their network to include Australia and India.
Using interline arrangements, both parties will be able to increase flight frequencies and jointly sell and market their routes.
Group CEO of Tigerair, Koay Peng Yen said, “We aim to set a new direction for budget airline partnerships that will enhance the convenience and experience of our customers.”
President and CEO of Cebu Pacific, Lance Gokongwei added: "The strength of the alliance lies in our ability to offer our trademark lowest fares to the largest low-cost network to the region. The alliance gives us an opportunity to serve new markets, like India and Australia, as we expand our route network with Tigerair.”
After the transaction is completed, Tigerair Philippines will continue to operate under the Tigerair brand. The Cebu Pacific and Tigerair websites will also be used to sell all routes operated by the two carriers.