TPG Capital joins race to buy stake in Jet Privilege
Discussions with TPG Capital have gained momentum in the past few weeks even as Jet Airways continues to engage with Blackstone for Jet Privilege stake sale
Mumbai: US private equity giant TPG Capital has locked horns with rival Blackstone Group LP to buy a significant stake in the frequent-flier loyalty programme of Jet Airways (India) Ltd, said two people with direct knowledge of the matter. Financially-troubled Jet Airways, which owns 49.9% of Jet Privilege Pvt. Ltd, has appointed global investment bank Morgan Stanley to advise on a potential deal, the people cited above told Mint on condition of anonymity. The remaining stake is held by Abu Dhabi-based Etihad Airways, which separately owns a 24% stake in Jet Airways.