KWM Acts For Affinity Funds On Sale Of Velocity Frequent Flyer Stake

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King & Wood Mallesons (KWM) has acted for funds advised by Affinity Equity Partners (S) Pte Ltd and its affiliates on the sale of their 35% stake in the Velocity Frequent Flyer (Velocity) program to Virgin Australia Holdings Limited (Virgin Australia).

KWM partners Mark McNamara and Alex Elser advised Affinity on the transaction. Yuen-Yee Cho, supported by senior associate Dan Flanagan, also acted for Velocity on its recent debt refinancing.

Commenting on the transaction, Mark McNamara said: "We are delighted to have advised Affinity on this investment. The Velocity Frequent Flyer Program is one of the leading Australian loyalty programs with almost 10 million members. In partnership with Virgin Australia, the Affinity team has participated in a period of rapid growth and success for the Velocity business. We wish Virgin Australia every success in continuing to grow Velocity."

KWM also recently acted for Affinity on its successful exit of TEG, Australia's leading events business and owner of Ticketek.