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February 4, 2019The QANTAS Group has issued this statement:
The QANTAS Group has taken a 19.9 percent shareholding of Australian-based charter operator, Alliance Airlines.
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Alliance Airlines is a significant service provider to the resources sector, which continues to stimulate travel demand in Western Australia and Queensland in particular. Alliance is a profitable, well-managed business with high levels of operational maturity. It is also a long-term provider to the QANTAS Group and flies regional services on behalf of the national carrier.
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The 19.9 percent stake was acquired for an average price of $2.40 per share and for a total cost of $60 million.
QANTAS expects to ultimately seek regulatory approval from the ACCC to build on its current shareholding, with a longer-term view of taking a majority position in Alliance Airlines in order to better serve the charter market by unlocking synergies.
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In the meantime, QANTAS is supportive of the ‘business as usual’ approach of Alliance Airlines management and is not seeking Board representation.