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United Airlines Explores MileagePlus Minority-Stake Sale

Deal for stake below 15%, private equity among likely suitors
Loyalty programs are among airlines’ most valuable assets

A United Airlines aircraft lands at Newark Liberty International Airport in Newark, New Jersey. — A United Airlines aircraft lands at Newark Liberty International Airport in Newark, New Jersey.
Photographer: Angus Mordant/Bloomberg

By

Gillian Tan, and

February 2, 2022, 6:43 PM UTCUpdated onFebruary 2, 2022, 10:17 PM UTC

United Airlines Holdings Inc. is exploring a potential sale of a minority stake in its frequent-flier program MileagePlus, according to people familiar with the matter.

United is working with financial advisers who have begun contacting potential investors including private equity firms, the people said, asking not to be identified because the matter is private.