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Ethihad Airways buys Virgin Australia stake

  • Abu Dhabi's Etihad Airways has bought a 4 percent stake in Virgin Australia as it seeks to expand its global presence.

    Etihad acquired the stake for $35.6 million, adding it was looking to raise its holding to nearly 10 percent.

    This is the fourth airline stake that Etihad has purchased since December last year.

    The move comes in a bid to take on rivals such as Emirates and Qatar Airways.

    Etihad started operations in 2003 and currently owns a 30 percent stake in Germany’s Air Berlin, a 40 percent share in Air Seychelles and close to 3 percent of Ireland’s Aer Lingus.