Virgin on Monday completed the purchase of a 60 percent stake in low-cost rival Tigerair Australia and named its chief executive John Borghetti as chairman of the new business. Australia\'s competition regulator agreed to the tie-up earlier this year and Virgin, the country\'s second-largest carrier after Qantas, said all the formalities were now complete. \"The acquisition of 60 percent of Tigerair Australia enables Virgin Australia to re-enter the budget travel market segment,\" Borghetti said. \"We are very pleased to partner with Tigerair Australia and we look forward to working together to expedite its growth.\" Australia\'s competition watchdog ruled the acquisition, worth Aus$35 million (US$31.6 million), was unlikely to lead to a substantial decrease in competition. Had it not gone ahead, it said Tigerair, previously known as Tiger Airways Australia, would likely have exited the market. Tiger, the loss-making local subsidiary of Singapore\'s Tiger Airways, has a history of poor financial and operational performance. Tigerair chief Rob Sharp said the deal would help the airline become a sustainable budget carrier. \"We are now well placed to build on the foundations of Tigerair Australia, ensuring it has the right scale to compete effectively,\" he said. Tiger Australia launched in November 2007 and services 16 domestic routes with 11 aircraft.