JAKARTA, Indonesia (AP) ? Low-cost airline AirAsia says it is buying Indonesian budget carrier Batavia Air to expand in Southeast Asia's biggest economy.
AirAsia founder and CEO Tony Fernandez said Thursday the $80 million acquisition will strengthen his airline's position in Indonesia's lucrative air travel market.
AirAsia will have a direct 49 percent stake in Batavia and its Indonesia subsidiary PT Fersindo Nusaperkasa will own the remaining 51 percent.
Fernandez said the acquisition would be completed in the second quarter of next year and be paid for from AirAsia's cash reserves.
Source: http://news.yahoo.com/malaysias-airasia-buy-indonesias-batavia-air-105212003--finance.html
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