AirAsia X has successfully completed the acquisition of both AirAsia Berhad and AirAsia Aviation Group Limited from Capital A, bringing a six-year consolidation process to an end.
The completion of this transaction consolidates all AirAsia-branded airlines under a single airline platform, AirAsia Group, while Capital A pivots to grow its non-aviation portfolio.
On January 18, 2026, the CEO of Capital A, Tony Fernandes, described the conclusion of the process as “one of the most emotional moments” of his career.
“We are finally closing the most challenging chapter in our history. This represents the culmination of one of the most complex and rigorous restructuring exercises undertaken by an aviation group, since Covid brought aviation to a standstill six years ago,” said Fernandes.
He added: “Giving up was not an option, and we chose to rebuild the right way, step by step, approval by approval, and never taking ‘no’ for an answer. Now, the aviation disposal is finally complete.”
The transaction was settled via the allotment and issuance of 2,307,692,307 new ordinary shares in AirAsia X to Capital A and its entitled shareholders, together with Air Asia X’s assumption of $936 million (RM3.8 billion) previously owed by Capital A to AirAsia Berhad.
Concurrently, Air Asia X also allotted and issued 606,060,606 placement shares to investors. The consideration shares and the placement shares are scheduled to be listed and quoted on Bursa Malaysia on January 19, 2026.
“AirAsia will become one consolidated airline group to deliver better connections and value to our guests. At Capital A, our ecosystem – ADE, Teleport, AirAsia MOVE, AirAsia Next and Santan, will sharpen their strategic focus and accelerate growth, while ensuring long-term sustainability and value creation for our shareholders. I am excited for our next journey,” added Fernandes.
The consolidation is set to unlock operational and financial efficiencies, including improved fleet utilization, more integrated network planning and a more resilient operating platform. The group is also finalizing additional aircraft orders to increase its reach.
“This milestone marks a defining moment for the Group. With the consolidation now complete, we have established a stronger, more streamlined aviation platform that is well-positioned for sustainable growth, operational excellence and long-term value creation for all stakeholders,” said Dato’ Fam Lee Ee, AirAsia X Chairman.