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Bain Buys Virgin Australia in Bold Bet on Shattered Industry

  • Cyrus Capital withdrew its bid for the airline earlier Friday
  • Airline will get significant capital injection, Deloitte says
Virgin Australia Collapses After Pandemic Halts Air Travel
Photographer: Brendon Thorne/Bloomberg
Updated on

Bain Capital LP agreed to buy collapsed airline Virgin Australia Holdings Ltd. in one of the biggest single bets on the industry since it was shattered by the coronavirus pandemic.

Administrator Deloitte named Bain as the airline’s new owner on Friday, hours after rival buyout firm Cyrus Capital Partners LP withdrew its bid. The value of the deal wasn’t disclosed, though Deloitte said there will be “a significant injection of capital” into the airline.