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AirAsia X Berhad announced that all conditions precedent set out in the Share Sale and Purchase Agreements (SSPAs) between AAX and Capital A Berhad have been fulfilled or waived as of Thursday, 30th October.
Accordingly, as of Wednesday, 29th October,the SSPAs became unconditional in accordance with their terms and conditions.
This development marks a major milestone in the proposed acquisitions of AirAsia Aviation Group Limited (AAAGL) and AirAsia Berhad (AAB), collectively forming the foundation of a consolidated airline platform under AirAsia X, which will be called AirAsia Group.
This consolidated entity will be serving both medium- and short-haul routes across Asia, Australia, the Middle East, and beyond.
Conditions met to the letter
This latest development follows the fulfilment of all outstanding requirements.
As of press time, all stakeholder consent letters and the RM1 billion private placement commitment letters for AirAsia X have been secured, along with the resolution of a regulatory exemption required from Thailand last 17th October.
AirAsia X Berhad chair Fam Lee Ee said: “This is a significant step, marking AirAsia’s evolution into its next chapter. Both AirAsia and AirAsia X pioneered low-cost travel in Asia, and with the creation of AirAsia group, we are evolving that legacy to become the world’s first low-cost network carrier.”
Fam added that, as the transaction is now unconditional, AirAsia Group finds itself in a better position from which to accelerate Southeast Asia’s position as a global low-cost megahub.
He said: “This will boost economic multiplier benefits across the region by expanding our reach across key regions including Asia, Australia, the Middle East, and Europe. Together, we are shaping the next chapter of inclusive travel for the world.”
At the same time, the consolidation will enable AirAsia Group to capture efficiencies across the value chain, from fleet and network planning to digital operations and customer experience thus creating a more agile, scalable and globally competitive low-cost airline group.
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Source: traveldailymedia