Enter multiple symbols separated by commas

Virgin Group Buys Stake in AirAsia X

Billionaire Richard Branson's Virgin Group on Friday purchased a 20% stake in Malaysia's long-haul budget carrier AirAsia X, in an alliance that could transform the face of Asian aviation.

Virgin's purchase of the stake in Fly Asian Xpress (FAX), operator of the new airline, was announced in a company statement. It did not say how much the stake is worth.

FAX is owned by the founder of the region's largest low-cost carrier AirAsia.

AirAsia X has been granted rights to fly to Stansted airport near London and to Australia's Gold Coast, with first flights to Australia to begin in late September or early October, the statement said.

Virgin's investment in Malaysia underscores Branson's confidence in Asia's booming low-cost airline business and formally links Asia's leading budget airline with one of Europe's key players.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • Lottery ticket

    A thief who broke into the car of a Seattle couple left behind a million-dollar lottery ticket, NBC News reports.

  • The Lamborghini SpA Urus SUV.

    There's no shortage of luxury vehicle choices, but increasingly the wealthy are opting for high-end SUVs instead of traditional models.

  • Mike Trout #27 of the Los Angeles Angels takes a picture with fans before a game with Boston Red Sox at Fenway Park on May 23, 2015 in Boston, Massachusetts.

    MLB is using digital media initiatives like Snapchat and Web video to connect with younger viewers. Is it enough?

U.S. Video

  • Cramer: Here's the no. 1 play in cybersecurity

    Guarding Your Portfolio? "Mad Money" host Jim Cramer's got the number one pick for protection services in today's digital world.

  • Underestimate Cisco at own peril: Cramer

    Mad Money's Jim Cramer takes a look at the cybersecurity space to see if it could also protect your money.

  • Fly with LUV?

    While remaining profitable, Gary Kelly, Southwest Airlines chairman and CEO, tells Mad Money's Jim Cramer the company continues to focus on being a great airline and offering great customer service.