Virgin Australia has pushed back the completion of its takeover of Tiger Airways Australia until July.
Virgin said it had extended the date to conclude the 60 per cent purchase of Tiger Australia from its Singaporean parent to allow the remaining conditions of the deal to be met.
“As a result, it is expected that, subject to the satisfaction of the final conditions, the transaction will complete by mid-July 2013,” Virgin said in a statement to the Australian Securities Exchange on Wednesday.
When the proposed 60 per cent purchase was announced in October 2012, Virgin said it aimed to complete the transaction by the final three months of 2012/13.
While the deal has already been given the green light by the competition watchdog, it is yet to receive Foreign Investment Review Board approval.
The Tiger purchase would give Virgin a low-cost airline to compete against Qantas-owned budget carrier Jetstar.
At the same time, it would leave Virgin to battle it out with Qantas for corporate and business travellers.
On Monday, former Qantas executive Rob Sharp was named as Tiger Australia’s new chief executive.
At 1428 AEST, Virgin shares were steady at 45.5 cents.