May 15, 2020 - Economy & Business

An airline deal frenzy as Virgin Australia faces takeover

Dan Primack, author of Pro Rata

Illustration: Sarah Grillo/Axios

Virgin Australia (ASX: VAH), Australia's second-largest airline, which filed for bankruptcy last month, is expected to receive upwards of eight indicative takeover bids today, per Reuters.

Why it matters: Because it reflects the high value of duopoly, even in the midst of a pandemic that has been catastrophic for airlines.

  • Suitors include Bain Capital, Brookfield, BGH Capital/Temasek, and India's InterGlobe Enterprises.

The bottom line: "The offers ... will be whittled down to a shortlist of about three in coming days. ... The administrators at Deloitte aim to restructure what is the biggest Asia-Pacific casualty of the coronavirus crisis hitting the global aviation industry, and agree to deal with a buyer by the end of June." — Paulina Duran & Scott Murdoch, Reuters

Go deeper: Air travel will never be the same after coronavirus

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Illustration: Aïda Amer/Axios

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Why it matters: At the beginning of the pandemic, the task force, led by Vice President Mike Pence, met every day, but in the "last several weeks," members have held virtual meetings once a week, Fauci said, even as the number of new cases continues to surge in the country.

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