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Bloomberg
Brookfield Asset Management Inc and Indian aviation tycoon Rahul Bhatia are considering bids for Virgin Australia Holdings Ltd, joining a score of suitors seeking to capitalise on Asia’s first airline casualty from the coronavirus pandemic, people with knowledge of the matter said.
The Canadian investment firm, which manages more than $540 billion, is planning to make its own indicative offer before the end of this week, according to the people. Brookfield could team up with other bidders later in the process, one of the people said, asking not to be identified because the information is private.
Bhatia, the billionaire co-founder of Indian budget carrier IndiGo, is separately evaluating information on the Australian airline and finalising his strategy for a potential bid, according to another person. The proposal is being prepared by Bhatia’s private holding company InterGlobe Enterprises Ltd and doesn’t involve IndiGo, the person said.
No final decisions have been made, and there’s no certainty the deliberations will lead to an agreement, the people said. Representatives for Brookfield and InterGlobe Enterprises declined to comment. IndiGo denied an earlier report it plans to bid for Virgin Australia.
Brookfield’s interest was reported earlier by the Australian Financial Review, which cited unidentified people.
Virgin Australia has attracted at least 20 potential buyers as its administrator, Deloitte, races to sell the airline within two months of its collapse. Deloitte is seeking indicative bids by Friday and binding offers in June, targeting a deal by the end of that month.