TPG Capital joins race to buy stake in Jet Airways Privilege loyalty programme
The deal with Blackstone could value the programme between 30 billion rupees ($428.02 million) and 40 billion rupees and would be dependant on Jet Airways securing adequate funding for its airline operations, Bloomberg reported last week.
Private equity firm TPG Capital is looking to buy a stake in the frequent-flyer loyalty programme of debt-laden carrier Jet Airways (India) Ltd, the Mint newspaper reported on Monday, citing sources.
Jet has appointed Morgan Stanley to advise on the potential deal, the report added.
The deal with TPG could value the loyalty programme, Jet Privilege Private Ltd, at $400 million, the newspaper said, adding that Jet continues to engage with Blackstone Group for a similar deal.
The deal with Blackstone could value the programme between 30 billion rupees ($428.02 million) and 40 billion rupees and would be dependant on Jet Airways securing adequate funding for its airline operations, Bloomberg reported last week.
The airline, which is part-owned by Etihad Airways, told stock exchanges last week it continues to "evaluate all possible alternatives to ensure optimum utilisation of its fleet".
Watch Zee Business Video here:
Jet and TPG Capital did not respond to a request for comment while Blackstone and Morgan Stanley were not available outside business hours.
($1 = 70.0900 Indian rupees)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI Senior Citizen FD Interest Rates 2024: What Rs 2 lakh, Rs 4 lakh, and 6 lakh, and Rs 8 lakh investments will give you in 1-, 3-, and 5-year FDs
Odisha Lok Sabha Election Results 2024 Updates: Odisha Parliamentary and assembly election exit poll results set to announced today; eyes on BJD and Naveen Patnaik
Central Railways' 63-hour mega block to hit Mumbai local train services, check dates and other details
Top 5 Defence PSU Stocks: Investors buying 1 unit of top PSU defence stock a month made Rs 40,299.40 on Rs 23,003.25 investment in 1 year
From Axis to IDFC First - These bank stocks can give bumper returns in 3-4 weeks – Check target price and stop loss
01:16 PM IST