Australia’s Qantas Airways said on Thursday it would buy the remaining 80% stake in Alliance Aviation Services for A$610.8 million ($443.14 million) in an all-stock deal to expand its footprint in the charter business.
Alliance investors will get A$4.75 apiece, a more than 35% premium to the stock’s last close and values the whole aviation services provider at A$764.5 million. In comparison, Qantas paid almost half of its current offer to buy the initial 19.9% stake in Alliance in early 2019.
Alliance shares soared 26.5% to A$4.44, marking their biggest intraday jump since May 2020, while Qantas edged lower.
Read more: Reuters
