LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
»
1-min read

Blackstone May Buy Stake in Jet Airways Loyalty Arm: Report

Jet Airways and its partner Etihad Airways will remain investors in Jet Privilege even after a potential Blackstone transaction.

Reuters

Updated:August 15, 2018, 12:48 PM IST
facebookTwittergoogleskypewhatsapp
Blackstone May Buy Stake in Jet Airways Loyalty Arm: Report
Representative image. (Photo/Reuters)
Loading...
Mumbai: U.S. private equity firm Blackstone Group LP is in talks to acquire a stake in the frequent-flier loyalty programme of Jet Airways (India) Ltd, Bloomberg reported on Wednesday, citing people familiar with the matter.

A potential deal could value the loyalty programme, Jet Privilege Private Ltd, between 30 billion rupees and 40 billion rupees ($429.1 million-$572.1 million) and would be dependant on Jet Airways securing adequate funding for its airline operations, Bloomberg said.

Jet Airways and its partner Etihad Airways will remain investors in Jet Privilege even after a potential Blackstone transaction, Bloomberg said.

Etihad owns 50.1 percent of the loyalty programme, while Jet Airways owns the rest.

"As a minority shareholder (in Jet Airways), Etihad continues to work constructively with the Jet Airways board, promoter and management team," an Etihad spokesman said in an emailed statement.

Earlier this week, Jet said it was considering various options on priority to meet its funding requirements but called media reports on stake sale or plans to monetise its investment in its frequent flier programme as "purely speculative".

The airline has also deferred its quarterly earnings report.

Blackstone was not immediately reachable for comment, while Jet Airways was unavailable for comment on account of a public holiday.

Jet Airways, along with Etihad, has embarked upon a reorganisation of its JetPrivilege programme to establish the unit as an independent loyalty and rewards company with a mandate to own and manage the operations of the loyalty programme independently, according to Jet Airways website.

Catch the Biggest Newsmakers and the Biggest Newsbreaks on CNN-News18, your favourite English TV news channel. Keep watching CNN-News18 at just 50 Paise per Month. Contact your cable /DTH operator Now!
*Rental / capacity fee of Rs.130/- as charged by cable / DTH operator may apply. **GST extra.

| Edited by: Ahona Sengupta
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Sun Pharma 430.25 2.70
ITC 276.00 -4.75
Reliance 1,224.45 -0.87
Yes Bank 197.25 2.63
ICICI Prudentia 306.45 -11.17
Company Price Change %Gain
Sun Pharma 430.00 2.86
Yes Bank 197.50 2.81
Ratnamani Metal 887.80 -2.91
Hathway Cable 31.75 3.25
ICICI Prudentia 306.50 -10.90
Top Gainers
Company Price Change %Gain
Yes Bank 197.05 2.52
Sun Pharma 430.25 2.70
Zee Entertain 430.30 1.19
Tata Steel 463.00 1.41
Wipro 351.00 1.30
Company Price Change %Gain
Sun Pharma 430.00 2.86
Yes Bank 197.50 2.81
Tata Steel 462.85 1.32
Vedanta 192.60 0.60
Bajaj Finance 2,636.40 0.75
Top Losers
Company Price Change %Gain
ITC 276.00 -4.75
Grasim 780.55 -2.96
Titan Company 960.00 -2.30
Indiabulls Hsg 777.10 -2.54
M&M 694.10 -2.03
Company Price Change %Gain
ITC 276.00 -4.75
M&M 695.00 -1.84
Hero Motocorp 2,799.95 -0.85
Power Grid Corp 187.00 -1.37
Infosys 732.75 -1.56

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results