CAB approves Cebu Pacific’s Tigerair takeover

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The Philippines Civil Aeronautics Board has approved Cebu Pacific Air’s planned acquisition of Tigerair Philippines.

Cebu Pacific announced the approval in a disclosure to the Philippines stock exchange, noting that it is a precondition of the proposed alliance with Singapore-based Tigerair.

Tigerair will sell its 40% stake in Tigerair Philippines, also known as SEAir, to Cebu Pacific for $7 million, while the other shareholders in the company have also agreed to sell their shares to the larger carrier.

The Singapore based carrier has called a shareholder meeting for 10 March to approve the sale, which is expected to easily pass, with the transaction expected to close soon thereafter.