(05 May 2022, 12:32 +07)
Qantas has announced that it has reached an agreement to fully acquire
Alliance Aviation Services.
The deal, which is subject to a vote from Alliance
shareholders and competition clearance, would see Alliance become
a wholly-owned part of the Qantas Group and would help the
national carrier to better serve the growing resources sector.
Alliance has a fleet of 70 jet aircraft that seat
up to 100 people each, making them well suited to charter
operations. Between these charter services and a small number of
passenger routes that overlap with large mine sites, Alliance
accounts for around 2 per cent of the total domestic market.
Alliance Fokker 100
Qantas is Alliance’s biggest single customer, with
a long-term agreement that sees Alliance operate up to 18 newly
acquired E190 jets for QantasLink.
Qantas bought just under 20 per cent of Alliance
in February 2019 and at the time flagged its long-term interest in
acquiring 100 per cent of the airline. The ACCC investigated that
minority holding for three years and made no findings that it
lessened competition.
Under this latest acquisition plan, the remaining
80 per cent would be acquired through a scheme of arrangement
where Alliance shareholders receive Qantas shares worth $4.75
for each Alliance share they hold, representing a 32 per cent
premium to Alliance’s volume weighted average price for the
past three months.
Qantas would issue new shares valued at
approximately $614 million in a transaction that is expected to be
EPS accretive for Qantas shareholders, before synergies.
“Alliance’s fleet of Fokker aircraft are perfect
for efficiently serving resources customers in WA and Queensland.
They also have a big inventory of spare parts that would
significantly extend the practical life of a combined fleet of
around almost 70 Fokkers,” said Alan Joyce, Qantas Group CEO. “Keeping these aircraft operating reliably for
longer than either carrier could achieve by themselves will help
keep costs down, which is ultimately good news for charter
customers. There are also benefits from bringing together our
operations planning and training facilities. The resources sector continues to grow and any
new tender for airline services will be very competitive. It makes
a lot of sense for us to combine with Alliance to improve the
services we can offer, which is a positive for both airlines as
well as the travelling public. We’ve opened up several new passenger routes
using up to 18 of Alliance’s E190s, so bringing all 33 of these
aircraft, plus their crews, into the Qantas Group would really
expand what we could achieve. We plan to extend our program of
guaranteed lower fares for residents in those few communities
where Alliance operates its own passenger services, as well as
access to our frequent flyer program.”
It will most likely be several months, at least,
before
all the required approvals can be secured.
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