Virgin Australia completed its acquisition of Perth-based regional Skywest Airlines last month through a so-called scheme of arrangement governed by the laws of Singapore.

Announced last October 30, the deal sees the Western Australian regional assume the Virgin Australia brand and, according to Virgin Australia CEO John Borghetti, benefit from further investment by the parent company. Plans call for Skywest to continue to fly its fleet of Fokker 100s and 50s, along with a single Airbus A320, under its own operator’s certificate and management team. It also flies a fleet of ATR 72-500s and -600s under a wet-lease agreement with Virgin Australia signed in 2011.

In a statement, Virgin Australia said the acquisition provides it with the assets and capabilities to “fast-track” plans to expand its presence in “fly-in-fly-out” regional markets.

“This acquisition gives Virgin Australia the ability to increase competition in these important market segments, which in turn will benefit jobs and tourism, especially in growing regional markets including Western Australia,” concluded Borghetti.