New owners of Virgin Australia to keep headquarters in Queensland
Bain Capital is set to become the new owner and operator of failing airline Virgin Australia.
The US private equity firm was the final bidder after rival Cyprus Capital Partners withdrew their bid.
While the deal is yet to be finalised, it is expected Virgin Australia will keep its headquarters in Queensland.
As part of their winning bid, Bain Capital pledged to save as many Virgin Australia jobs as possible and to fully fund all employee entitlements.
However, Queensland Treasurer Cameron Dick acknowledged the changing landscape of Australia’s airline industry following COVID-19, and said Virgin Australia will become a smaller airline than it previously was.