Virgin Australia Holdings Ltd has completed its partial acquisition of Tigerair Australia, formerly Tiger Airways.
In a statement to the Australian Securities Exchange, Virgin said it had finalised the purchase of 60% of Tigerair's shares and was poised to make a number of board appointments.
Virgin Australia chief executive officer John Borghetti will be appointed as chairman of Tigerair Australia, while Wendy Cheah will be appointed chief financial officer.
"The acquisition of 60% of Tigerair Australia enables Virgin Australia to re-enter the budget travel market segment," Mr Borghetti said.
"We are very pleased to partner with Tigerair in Tigerair Australia and we look forward to working together to expedite its growth.
Tigerair Australia chief executive officer Rob Sharp said the transaction placed the group well to build on the foundations of Tigerair Australia, "ensuring it has the right scale to compete effectively".
"Our aim is for Tigerair Australia to become a sustainable and respected budget carrier in Australia," he said.