Bain Capital to buy collapsed Virgin Australia on crumbling airline industry
While the global travel industry has been decimated by COVID-19, those facilitating the sale said that interest in the airline showed a recovery was possible.
US-based investment firm Bain Capital has agreed to buy the 90 per cent stake in Adani Capital and Adani Housing, allowing the embattled billionaire to pare down his non-core businesses.
As per the reports, the transaction is expected to close in the fourth quarter of this Financial Year.
The investment comes at a time after other global investments by companies like GQG raised its stake in Adani Group by about 10 per cent. With this move, Adani Capital will be positioned as a standalone company to expand its lending operations.
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As per the announcement, Bain has committed $120 million for Adani Capital and an additional liquidity line of $50 million in the form of Non-Convertible Debentures.
Gaurav Gupta will continue to serve as Adani Capital’s Managing Director and CEO and will retain the remaining 10% stake in the company.
“With Bain committing Rs 1,000 crore of capital in the company, we are now equipped to grow 4x from here,” Gupta said in a statement.
In Januray, Adani Group came under some pressure after Hindenburg accused it of sharp practices. As a repercussion, Adani Group faced an over $150 billion dive in value of stocks.
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