U.S. private equity firm Blackstone Group LP is actually in talks to acquire a stake from the frequent-flier loyalty programme of Jet Airways (India) Ltd, Bloomberg reported on Wednesday, citing people familiar with the matter.
A potential deal could value the loyalty programme, Jet Privilege Private Ltd, between 30 billion rupees as well as 40 billion rupees ($429.1 million-$572.1 million) as well as might be dependant on Jet Airways securing adequate funding for its airline operations, Bloomberg said.
The Indian carrier as well as its partner Etihad Airways will remain investors in Jet Privilege even after a potential Blackstone transaction, Bloomberg said.
Etihad owns 50.1 percent of the loyalty programme, while Jet Airways owns the rest.
“As a minority shareholder (in Jet Airways), Etihad continues to work constructively with the Jet Airways board, promoter as well as management team,” an Etihad spokesman said in an emailed statement.