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Jakarta Post
The Jakarta Post
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Garuda to acquire Tigerair Mandala

  • The Jakarta Post

    The Jakarta Post

Jakarta | Tue, April 29, 2014 | 06:16 pm

National flag carrier Garuda Indonesia is reportedly looking to acquire Tigerair Mandala, via its subsidiary, Citilink, partly to strengthen the airline'€™s regional networks.

'€œIt'€™s true, we are interested ['€¦] in Tigerair [for various reasons], one of which is to strengthen Citilink'€™s development and expansion programs in the future,'€ Citilink president director M. Arief Wibowo said in Jakarta on Tuesday, as quoted by Antara news agency.

He said Citilink had submitted an offer to Tigerair, which had issued a response.

'€œWe will study [the response] as soon as possible. A due diligence [assessment] will be conducted this week,'€ Arief said, adding that the two companies had signed a non-disclosure agreement.

He refused to give details on what the Citilink-Tigerair partnership might look like or how much money had been allocated for the acquisition.

'€œWe cannot yet discuss it. Clearly, we [first] have to find out about the [company'€™s] conditions through due diligence,'€ said Arief.

He further said that Citilink'€™s attempts to either to partner with or acquire Tigerair would be fully supported by its parent firm, Garuda Indonesia.

'€œThe point is, all of these efforts will be supported by the holding company as long as they will not cause any losses for Citilink,'€ said Arief. (ebf)