PETALING JAYA: AirAsia X Bhd (AAX) has entered into a mutual agreement with Capital A Bhd to extend the timeline for completing its proposed acquisition of Capital A’s aviation business, which includes AirAsia Aviation Group Ltd (AAAGL) and AirAsia Bhd (AAB).
The timeline has been extended by two months, from Jan 25 to March 24, allowing both parties additional time to finalise the transaction for AAAGL and AAB. During this period, AAX will also finalise the definitive terms with identified investors for the proposed private placement, aimed at raising gross proceeds of RM1 billion. All due diligence processes for both entities have been finalised.
AirAsia X CEO Benyamin Ismail said: “We are fast approaching the finish line. The majority of key milestones in the process have already been achieved including the unanimous approval of our shareholders at the extraordinary general meeting held in October 2024.
“This extension is a pragmatic step to ensure all aspects of the transaction are thoroughly and meticulously addressed, including securing the final approvals and consents from relevant authorities, financiers, and lessors—most of which have already been substantially completed.
“We look forward to the completion of the proposed transactions, as the integration of all AirAsia branded airlines into one strengthened entity will be a game changer for the industry, paving the way in revolutionising the future of low-cost air travel.”
The proposed acquisitions are anticipated to unlock significant synergies, including enhanced network connectivity, optimised fleet utilisation, and improved cost efficiencies. By consolidating operations under one entity, the airline will be better positioned to expand its market presence across Asia-Pacific and beyond while delivering greater value to shareholders and customers.
