Mumbai: Blackstone Group LP is in talks to buy a stake in the loyalty program of Jet Airways India Ltd., the troubled Indian carrier that’s exploring options to raise cash, people with knowledge of the matter said.
The private equity firm has expressed interest in a deal that could value Jet Privilege Pvt at about 30 billion rupees ($429 million) to 40 billion rupees, according to the people, who asked not to be identified because the information is private. Jet Airways has been seeking a higher valuation for the business, which is part owned by the Indian airline’s partner Etihad Airways PJSC, one of the people said.
Etihad owns 50.1 per cent of the loyalty program, while Jet Airways owns the rest. The transaction being contemplated by Blackstone would see both Jet Airways and Etihad remain investors in Jet Privilege, another person said.
16/08/18 Bloomberg/Gulf News
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The private equity firm has expressed interest in a deal that could value Jet Privilege Pvt at about 30 billion rupees ($429 million) to 40 billion rupees, according to the people, who asked not to be identified because the information is private. Jet Airways has been seeking a higher valuation for the business, which is part owned by the Indian airline’s partner Etihad Airways PJSC, one of the people said.
Etihad owns 50.1 per cent of the loyalty program, while Jet Airways owns the rest. The transaction being contemplated by Blackstone would see both Jet Airways and Etihad remain investors in Jet Privilege, another person said.
16/08/18 Bloomberg/Gulf News
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