Virgin Australia on Monday said it entered an agreement to buy back the 35 per cent of its Velocity frequent flyer program that it does not already own for $700 million from private-equity group Affinity Equity Partners.
Australia's second-largest airline said completion of the deal, which values the stake at more than twice the $335 million price paid by Affinity in 2014, remained subject to funding and regulatory approval.
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Reuters
Jamie Freed writes on business specialising in aviation, tourism, travel. Based in our Sydney newsroom, Jamie has 10 years experience as a journalist. Connect with Jamie on Twitter.
