Qantas selling stake in Vietnam airline JV
Qantas has confirmed its intention to offload its shareholding in its Jetstar branded joint venture in Vietnam.
It will sell its 30% stake in Jetstar Pacific to co-owner Vietnam Airlines.
This will happen ‘in the coming months’ said Jetstar CEO Gareth Evans.
The deal doesn’t impact the main Australia based LCC business Jetstar Airways.
Vietnam Airlines will then likely assume full control of Jetstar Pacific.
Talks between the airlines had been ongoing for several months, even before the Covid-19 pandemic.
The airline has a fleet of 15 Airbus A320s and was formed in 2007 with an investment of $30 million from Qantas.
However it has struggled to turn a profit for most of its existence.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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