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US firm Bain Capital acquiring Virgin Australia
US private equity firm Bain Capital is buying Virgin Australia Holdings after buyout firm Cyrus Capital Partners withdrew its competing bid.
Transaction value hasn’t been disclosed but Bain says there will be a ‘significant injection of capital.’
Virgin Australia has been in administration for the past few months.
Its current shareholders – Singapore Airlines, Etihad Airways, HNA Group, Nanshan Group and Richard Branson’s Virgin Group – could get nothing as administrator Deloitte is unsure how much debt can be recovered.
The loss-making airline collapsed in April with debts of A$7 billion.
"Bain Capital has presented a strong and compelling bid for the business that will secure the future of Australia’s second airline, thousands of employees and their families," Deloitte said.
Australian Council of Trade Unions president Michele O’Neil said the deal will signal some job losses.
Bain had previously said it will protect Velocity frequent flyer accounts and flights already booked and paid for.
Cyrus Capital said it was forced to pull out as Deloitte stopped ‘meaningfully engaging with Cyrus to progress its offer.’
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