Sir Richard Branson’s Virgin Atlantic has quit its 10% stake in Malaysia’s AirAsia X to existing shareholders for a price reported to be around $21 million.
The move comes as Virgin Group realigns its investments to concentrate more closely on its own brand.
"We can confirm that Virgin Group … has sold its 10% stake in AirAsia X," external relations director Nick Fox told Air Transport World. "The terms of the deal remain confidential. We sold to existing shareholders."
In a written statement, the company added: "Virgin Group has a large number of new and exciting investment opportunities in development. We now prioritise resources where we can have the most impact and also use the Virgin brand."
Malaysian financial newspaper The Edge said that after the share sale, several individuals – including the group CEO of regional carrier AirAsia, Tony Fernandes, with business partner Kamarudin Meranum – will collectively hold 60% of AirAsia X.
The balance of 40% will be held by AirAsia, Japan’s Orix and Bahrain-based Manara Consortium.
