Virgin Australia has confirmed it will buy back the remaining 35 per cent of its Velocity frequent flyer program from private equity group Affinity Equity Partners.
The airline on Monday announced it had entered into a term sheet with Affinity and it expected the $700 million transaction to be completed before the end of 2019.
Virgin Australia said the acquisition was subject to conditions including the finalisation and execution of long form documentation, funding and receiving approval from the Foreign Investment Review Board.
AAP