ANA Holdings has confirmed that it will buy AirAsia out of a Japanese budget airline joint venture for 2.45 billion yen ($25.11 million). AirAsia Japan has failed to attract adherents. ANA, which owns 67%, has blamed the poor performance on ineffective marketing and a user-unfriendly booking website.
"I remain positive on the Japanese market and believe there is tremendous opportunity for a low-cost carrier to succeed," AirAsia Group CEO Tony Fernandes said in the statement.
"We have not given up on the dream of changing air travel in Japan and look forward to returning to the market," he added.