We know where all the private equity for airlines went: down under:
QANTAS Airways has accepted an $11 billion takeover offer from an international consortium including Macquarie Bank of $5.60 a share in the biggest private equity deal in Australian history.
Qantas’s non-executive directors have unanimously recommended that shareholders accept the offer from the consortium known as Airline Partners Australia (APA) after it was bumped up from $5.50.
Qantas chairman Margaret Jackson said the offer from the Airline Partners Australia consortium was 33 per cent higher than Qantas’s closing share price of $4.20 on November 6, when the prospect of a bid was first raised.
“The directors believe this offer allows Qantas shareholders to realise significant value for their shares that has not been fully recognised in the public market,” Ms Jackson said.
“If this acquisition is successful, Qantas will remain a majority Australian-owned, Australia-based airline,” Ms Jackson said.
The investor group sweetened the deal after it was rejected the day before.
On the heels of buying part of Sabre Holdings Texas Pacific Group grabbed a chunk of Qantas. Rumor has it a piece of the moon is next on their list.
For Qantas stockholders this is icing on the cake (or another shrimp on the barbie?). The stock has been on a tear since late summer.