Aviation

Virgin confirms frequent flyer partner is seeking exit

Huntley Mitchell

Huntley Mitchell

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.

SEE WHAT PEOPLE ARE SAYING

Leave a Reply

Aviation

Aviation Wrap: Delta’s world-first parallel reality experience, Boeing’s new jet takes flight + MORE!

With only four days of work, we’re welcoming this week with an Aviation Wrap, a handful of hobnobs and an overwhelming hangover.

Share

CommentComments

Destinations

Indonesia seeks massive $9.7bn investment alongside ‘10 New Balis’ project

It might be a few years away before you can sell a few equally wonderful alternatives to Bali, but keep these Indonesian destinations on your radar.

Share

CommentComments

Technology

Tripadvisor sacks 200 staff amid leadership shake-up

Fresh off the heels of an announcement of hundreds of layoffs at the company, an email has revealed TripAdvisor is planning a shake-up in leadership.

Share

CommentComments

Hotels

Suspect charged with deliberately lighting Adelaide hotel fire

Police have charged a woman with arson over a fire at the Ambassadors Hotel, which reportedly caused a $250,000 worth of damage.

Share

CommentComments

Tourism

Coronavirus could land multi-billion-dollar blow to Australian economy, as travel bans and flight suspensions take hold

As the deadly virus continues to spread, research has shown the impact it could have on the bushfire-ravaged Aussie tourism industry.

Share

CommentComments

Destinations

Destination Wrap: NZ Festival of the Arts, Solomons PM stresses low-cost, high-impact tourism strategy + MORE!

Given yesterday’s public holiday, we almost decided to skip this week’s Destination Wrap. But, as you’ll discover here, there’s just too much happening!

Share

CommentComments

Aviation

British Airways teams up with Qatar Airways for Aussie expansion

If approved by the ACCC, the new partnership could allow the British Airways to coordinate on more than 100 routes, expanding on its once-daily flight between Sydney and London.

Share

CommentComments

Cruise

Gwyneth Platrow spruiks wrong cruise line, blames magic mushrooms

The Oscar winner said she got the name wrong because she felt like she was hallucinating while giving her ‘Goop at Sea’ experience a plug.

Share

CommentComments

Travel Agents

CATO reveals new venue and format for 2020 awards

Do you enjoy cutting a rug at industry events? Well, this news will have you flossing around the office in celebration.

Share

CommentComments

Wholesalers

Wholesaler Wrap: AAT Kings bushfire relief trips, Intrepid declares climate emergency + MORE!

Has the long weekend got you all out of whack? Luckily, we’ve got THREE wraps for you to catch up on, just in case you need to look busy for a solid hour.

Share

CommentComments

Cruise

Uniworld sues MSC over $18.5m in damages from Venice ship collision

by Christian Fleetwood

Uniworld Boutique River Cruises has levelled a lawsuit against MSC Cruises over massive damages sustained in a Venice ship collision last year.

Share

CommentComments

Travel Agents

Agent Wrap: Registrations open for RWC 2023, Counselling for agents impacted by bushfires + MORE!

This week’s Agent Wrap is full of everything you need on a Friday: news of agents on voyages around the world, plenty of pictures and, most importantly, a short word count.

Share

CommentComments