Virgin confirms frequent flyer partner is seeking exit

Virgin confirms frequent flyer partner is seeking exit

It’s been speculated for nearly two months, and now Virgin Australia has finally confirmed that the co-investor of its Velocity Frequent Flyer program is looking to offload its stake.

In a statement to shareholders, Virgin Australia said Connectivity Pte Limited (Affinity Equity Partners) is seeking an exit from its roughly 35 per cent investment in Velocity Frequent Flyer.

Virgin said Affinity has requested that various exit options for the sale of its stake be considered.

“The group remains committed to the long-term growth of the Velocity business and expects to remain the majority investor in Velocity,” Virgin said.

“There is currently no certainty about the terms or timing that any such exit transaction could take.”

TDAZE_SurpriseEgg

What’s inside the egg? Click HERE to find out.

The announcement comes after reports on The Australian Financial Review and The Sydney Morning Herald surfaced in May that Virgin and Affinity were looking for potential buyers for the rewards program, which is estimated to be worth more than $1.5 billion.

At the time, a Virgin spokesperson declined to comment on the reports when contacted by Travel Weekly, dismissing them as merely speculation.

Virgin’s frequent flyer program has been in the headlines a lot lately over its tit for tat with rival Qantas, which you can read all about on Travel Weekly here, here and here.

Latest News

  • News

Collette special offers across peak northern summer season

Global tour operator Collette has announced a series of special offers on selected dates across a range of tours in the peak northern hemisphere 2024 summer season. Greece The offers include ‘Greece & Its Islands’ features classics such as the Parthenon as well as the picturesque islands of Mykonos and Santorini. A saving of $700 […]

  • Aviation
  • News

Air India and All Nippon codeshare between the two countries

Air India and All Nippon Airways have signed a codeshare agreement connecting their networks. The new commercial partnership will provide more travel opportunities for customers of both India’s leading global airline and the largest Japan’s largest carrier. Effective from 23rd May, the Air India and All Nippon Airways agreement will see passengers fly to their […]

  • News

A&K offers minimum 18 weeks paid parental leave

A&K Travel Group will now provide a minimum of 18 weeks paid parental leave for both care-givers, setting a new standard for the travel industry. By providing 18 weeks of paid time off for all new parents, regardless of gender, A&K Travel Group is not only enabling parents to spend valuable time with their newborns […]

  • Cruise
  • Luxury
  • News

Seabourn announces Western Kimberley Traditional Owners as Godparents of Seabourn Pursuit

Seabourn has named Western Kimberley Traditional Owners, the Wunambal Gaambera, as Godparents of the ultra-luxury purpose-built Seabourn Pursuit. It is the first cruise line to appoint Traditional Owners as godparents of a ship. Seabourn Pursuit embarks on its inaugural season in the Kimberley region this June. The naming ceremony will take place on Seabourn Pursuit’s […]

  • Luxury

Malolo Island Resort opens brand new Spa

Fiji’s Malolo Island has added another string to its bow – opening its $1.3 million day spa on Thursday, 18th April 2024. (Lead Image: matriarch Rosie Whitton with spa staff) Located at the edge of the resort’s luscious patch of tropical rainforest, the new “Leilani’s Spa” adds another level of elevated experiences to Malolo’s already […]