<article><p>Low-cost airline AirAsia Group Bhd sold its remaining 25 percent stake in its joint venture unit with travel platform Expedia Group Inc for $60 million, the companies said on Tuesday.</p></article>

<p>Low-cost airline AirAsia Group Bhd sold its remaining 25 percent stake in its joint venture unit with travel platform Expedia Group Inc for $60 million, the companies said on Tuesday.</p>
<p>AirAsia Group and Expedia formed the joint venture AAE Travel Pte Ltd in 2011, in which Expedia held a 75 percent stake since 2015.</p>
<p>&#8220;The cash consideration is $60 million, net of AirAsia&#8217;s concurrent purchase of AirAsiaGo.com domain names and related assets from AAE Travel Pte Ltd,&#8221; the companies said in a joint statement.</p>
<p>The sale was the divestment of the airline&#8217;s last non-core investments from previous joint ventures, AirAsia Group CEO Tony Fernandes said in the statement.</p>
<p>Fernandes said the sale proceeds will be used to develop the group&#8217;s digital and logistics products such as BigPay, Travel 360, Redbox Logistics and Ourshop.</p>
<p>&#8220;We look forward to continuing to work (with Expedia) very closely in the future, particularly regarding regional and global distribution of AirAsia flights,&#8221; he said.</p>
<h4>Reuters</h4>


Low-cost airline AirAsia Group Bhd sold its remaining 25 percent stake in its joint venture unit with travel platform Expedia Group Inc for $60 million.

Malaysia's AirAsia divests from Expedia JV, last non-core investment

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Malaysia's AirAsia divests from Expedia JV, last non-core investment

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief