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Big Law

Affinity sells stake in Virgin Velocity program

King & Wood Mallesons has advised Affinity Equity Partners on the sale of a 35 per cent stake in Virgin’s Velocity program.

December 12, 2019 • By Emma Musgrave
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Mark McNamara
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Firm: King & Wood Mallesons (Affinity Equity Partners); Unknown (Virgin Australia Holdings Limited)

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Deal: Affinity has sold a 35 per cent stake in the Velocity Frequent Flyer program to Virgin Australia Holdings Limited.

 
 

Value: Undisclosed.

Area: Private equity.

Key players: The KWM team was led by partners Mark McNamara and Alex Elser.

Deal significance: Commenting on the transaction, Mr McNamara said: “We are delighted to have advised Affinity on this investment. The Velocity Frequent Flyer program is one of the leading Australian loyalty programs with almost 10 million members.”

“In partnership with Virgin Australia, the Affinity team has participated in a period of rapid growth and success for the Velocity business. We wish Virgin Australia every success in continuing to grow Velocity,” he said.

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Emma Musgrave

Emma Musgrave

Author

Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.

Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences. 

Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.

She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University. 

Email Emma on: This email address is being protected from spambots. You need JavaScript enabled to view it. 

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