Regional Express buys FIFO carrier

Regional Express (REX) is buying fly-in fly-out (FIFO) airline National Jet Express for $48 million.

National Jet Express operates FIFO services in Western and South Australia as well as charter flights in Papua New Guinea.

REX agreed a deal with owner Cobham Aviation for 100% acquisition.

It flies from Sydney, Adelaide, Brisbane, Melbourne and Coolangatta.

The acquisition is funded by a 50-50 between REX and joint venture partners.