Bain Capital agrees to buy Virgin Australia, hard work begins

Bain Capital has entered into an agreement to buy Virgin Australia, Australia’s second-largest airline, which entered voluntary administration on April 21.  

Virgin Australia Group Chief Executive Officer and Managing Director, Paul Scurrah said: “This is a great day for Virgin Australia and a huge milestone as we move forward with Bain Capital.

“It was always the goal to bring our airline out of administration as quickly as possiblein a stronger financial position and this announcement brings us a step closer to that.

“Bain’s investment will cement our future as a major Australian carrier, secure thousands of direct and indirect jobs, and ensure we can continue to bring competition to millions of customers for many years to come.”

The sales process was run by Deloitte and no financial details were disclosed.

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