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

WATCH: Transport Workers’ Union stages ‘alternative’ Qantas AGM, complete with fake Alan Joyce

And by fake Alan Joyce, we mean an unidentified man putting on a very thick Irish accent and coming up with any excuse to say “tink” instead of “think”.

Share

CommentComments

Cruise

Carnival cruise ship rescues 24 people off the coast of Florida

Just because most of the world’s cruise ships are currently out of action doesn’t mean they can’t perform a good deed every now and again.

Share

CommentComments

Wholesalers

Wendy Wu Tours is slinging free flights to Japan!

Who doesn’t love free airfares? Seriously though, point them out to us – we’d like to have a chat with them and find out what their problem is.

Share

CommentComments

Events

Travel DAZE 2020 is just around the corner! Have you registered?

Is your diary looking pretty empty in the first week of November? Well, consider it full now thanks to the only industry event of its scale in Australia this year: Travel DAZE 2020!

Share

CommentComments

Aviation

Air Canada’s longstanding president and CEO to depart, successor revealed

The changing of the guard at airlines continues apace, with Air Canada’s boss the latest to signal their exit.

Share

CommentComments

Travel Agents

AFTA’s Resilient Mind Program yields huge results

It appears alcohol-free days, cold showers and a digital detox are just what the doctor ordered for agents across Australia.

Share

CommentComments

Destinations

Queensland brewing company creates ‘The Big Slab’ attraction to boost state’s tourism industry

This bizarre new attraction has already drawn the likes of surfing legend Mick Fanning and his baby boy, and we have photographic evidence to prove it.

Share

CommentComments

Hotels

Club Med gets into the gift card game

This Christmas, your clients can treat friends and family with the gift of a much-needed holiday AND give you a tidy commission in one go!

Share

CommentComments

Aviation

Bombshells emerge over Western Sydney Airport land deal, as AFP investigates

The stench around the ‘Leppington Triangle’ deal, which saw taxpayers fork out 10 times what the land was valued as, is getting worse by the day.

Share

CommentComments

Technology

Australia’s incoming passenger cards to get the chop

Are you one of those people who never seems to have a pen handy to fill out the incoming passenger card post-flight? Rejoice here.

Share

CommentComments

Aviation

Airline embroiled in website scam duping travellers with fake tickets

Have you purchased some too-good-to-be-true-airfares for your clients recently? You might want to read this.

Share

CommentComments

Destinations

Tourism Fiji’s CEO to exit

After four-and-a-half years at the helm, Matt Stoeckel is saying ‘ni sa moce’ to Tourism Fiji.

Share

CommentComments