September 15, 2019 / 10:39 PM / a month ago

Virgin Australia to buy rest of frequent flyer programme for $481 mln

Sept 16 (Reuters) - Virgin Australia Holdings Ltd on Monday said it entered into a term sheet to buy back the 35% of its Velocity frequent flyer programme that it does not already own for A$700 million ($480.83 million) from private-equity group Affinity Equity Partners.

Sources had said the deal is likely to value the business at around A$2 billion.

Completion of the deal is subject to the funding and regulatory approval, Australia’s second-largest airline said in a statement.

$1 = 1.4558 Australian dollars Reporting by Niyati Shetty in Bengaluru; Editing by Sandra Maler

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