The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Australia: Qantas private equity deal gets mixed reception

The acceptance by Qantas’s board of an A$11.1 billion (US$8.7 billion) bid for the Australian airline cements private equity’s place in the country’s mainstream, despite a growing sense of unease among the public and some thorny remarks from senior bankers.

Australian private equity had already had a landmark year in 2006 even before the Qantas bid was accepted. If that deal goes through, A$22 billion will have been committed to venture capital deals for Australian assets in 2006, compared with A$2 billion the previous year – and the figure would have been much higher had an A$18 billion bid by a Kohlberg Kravis Roberts consortium for supermarket chain Coles gone through. (Instead, Coles twice refused the consortium even the right to do due diligence.) Department store Myer has gone to Newbridge for A$1.4 billion; the media assets of the Packer family’s company, PBL, including the influential TV station Channel Nine and a host of newsstand magazines, have gone to a venture half owned by CVC Asia Pacific in a A$5.5 billion deal; and CVC has also bought aged-care and radiology group DCA Group for A$2.7 billion.

Iconic brand

Qantas, though, is a deal apart. Australia has no more iconic company.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree