Qatar Airways to acquire 25% stake in Virgin Australia
(Reuters) -Qatar Airways intends to acquire a 25% minority stake in carrier Virgin Australia from private equity firm Bain Capital, the parties said in a joint statement on Tuesday.
“This partnership brings the missing piece to Virgin Australia’s longer-term strategy … it will further strengthen Virgin Australia’s ability to compete over the long term, which will inevitably translate into more choice and even better value airfares for consumers,” Jayne Hrdlicka, the CEO of Australia’s second largest carrier said.
Virgin Australia also plans to launch flights from Brisbane, Melbourne, Perth and Sydney to Doha, which will be subject to approval from Australia’s competition regulator.
The deal, whose financial details were not disclosed, is also subject to approval from the Foreign Investment Review Board.
Qatar Airways has shared a tumultuous relationship with Australia in recent years, following its attempt to increase its air presence in Australia, which was blocked by the Labor government.
(Reporting by Himanshi Akhand in Bengaluru; Editing by Alan Barona)
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