TPG, Blackstone bid for Jet Airways’ stake in loyalty program: CNBC TV18

Private equity firms TPG Capital and Blackstone Group (BX.N) have submitted bids to buy beleaguered Indian carrier Jet Airways’ stake in its frequent flyer loyalty program, television channel CNBC TV18 reported on Monday, citing sources.

The airline, partly owned by Etihad Airways, has been facing financial difficulties and said last month it would inject funds and cut costs to turn around the business. It also said it plans to monetize some of its assets, including the JetPrivilege loyalty program, which has 8.5 million members.

The bids are likely to be between $350 million and $400 million, lower than what Jet expected, CNBC reported, adding that the airline expected to close the deal by the end of October. Jet is expecting bids from other investors and may retain a minority stake in the program, the TV channel said.

TPG, Blackstone and Jet Airways did not immediately respond to an email seeking comment.