Australia’s largest regional air carrier Regional Express, also known as Rex, has received regulatory approval from the Foreign Investment Review Board (FIRB), allowing the airline to proceed with the proposed takeover of National Jet Express.
According to the market update released by Rex on September 16, 2022, the recent FIRB approval will allow the airline to complete the final steps in the charter air carrier’s National Jet Express acquisition on September 30, 2022.
“The Foreign Investment Review Board has issued a No Objection Notification with regards to Rex’s intention to acquire 100% of National Jet Express, the regional services arm of Cobham, focusing on Fly-In-Fly-Out (FIFO) activities,” was written in the statement.
The recent approval follows another ‘no objection’ notice, which was granted to the regional air carrier by the Australian Consumer and Competition Commission in July 2022.
Rex, which currently operates a fleet consisting of 61 Saab 340 twin-engine turboprops and seven Boeing 737-800NG narrow-body jets, showed its intentions for the buyout of National Jet Express for more than $32 million in July 2022. The successful takeover would expand Rex’s fleet with additional six Embraer 190 regional jets as well as eight De Havilland Dash 8-400s.
The merger could also help Rex to strike its roots in FIFO charter flight services across remote areas of Australia.