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Cebu Pacific signs share purchase agreement with Tiger Group

February 13, 2014 Financial No Comments Email Email

Cebu Pacific Air (PSE:CEB) announced that it has signed the share purchase agreement to acquire 100% of Tigerair Philippines, including the 40% stake of Tiger Airways Holdings Limited (SGX:TGR).

As part of the initial stage of the strategic alliance with Tigerair, flights of Tigerair Philippines will be available in the Cebu Pacific website and through its other booking channels, beginning mid-March this year.

Cebu Pacific President and CEO, Mr. Lance Gokongwei said, “The Cebu Pacific and Tigerair alliance offers the largest low cost network to and from the Philippines. As we enter the initial phase of the alliance, we will continue to leverage on our extensive route networks, flight frequencies and find ways to provide an even wider range of travel options for all of our customers.”

Cebu Pacific currently operates over 2,200 flights per week with 49 aircraft to 24 international and 33 Philippine cities in its network. Tigerair Philippines currently operates about 118 flights per week with five aircraft to 11 domestic and international destinations, from its bases in Manila and Clark.

Tigerair Philippines President and CEO, Ms. Olive Ramos, “In the next few months, our passengers will experience a more vibrant and dynamic Tigerair Philippines. This alliance will leave an indelible mark in the travel and tourism sector as we combine our strengths to deliver the best products and services to the travelling public.”

Tigerair and Cebu Pacific, the largest budget carriers based in Singapore and the Philippines respectively, recently announced entering into a strategic alliance.  Subject to regulatory approvals, both parties will collaborate commercially and operationally on international and domestic air routes to and from the Philippines, thereby creating the biggest network of flights to the region.

Upon full implementation of the strategic alliance, the Cebu Pacific and Tiger Air websites will be used as sales and distribution platforms to market all routes operated by both airlines.  The carriers also expect to collaborate on other common destinations in Asia.

By combining their resources, Cebu Pacific will be able to provide services to high growth markets including Australia, Myanmar, and India. Tigerair will be able to fly more passengers to additional cities in Cebu Pacific’s extensive network in the Philippines and North Asia.  This arrangement allows both airlines to deploy capital more efficiently.

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