Garuda to acquire Tigerair Mandala
The Jakarta Post
The Jakarta Post
National flag carrier Garuda Indonesia is reportedly looking to acquire Tigerair Mandala, via its subsidiary, Citilink, partly to strengthen the airline's regional networks.
'It'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.
'We 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.
'We 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.
'The 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)
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