Etihad buys 24% of Jet Airways — $379 million
Etihad paid $379 million for 24% of Jet Airways in 2013, a deal that eventually reshaped JPMiles but has no current impact on Indian travel credit cards. This historic event does not affect existing cardholders or their rewards programs.
Etihad Airways agreed to pay $379 million for a 24% stake in Jet Airways on 24 April 2013. This deal made Etihad the largest external shareholder of Jet Airways, with the Gulf carrier paying a near one-third premium to Jet’s stock price. The acquisition marked the beginning of Etihad’s involvement in India’s largest full-service airline, eventually influencing the JPMiles program and its partnerships. The investment was a significant move, valuing Jet Airways at a substantial premium and setting the stage for future developments in the Indian aviation industry. Our take: this development is irrelevant to current Indian travel credit cards, as JPMiles is no longer a prominent program and the deal’s impact has already been absorbed. Cardholders should focus on their existing rewards programs and not worry about this historic event. The acquisition’s effects have been felt, but it does not directly impact current cardholders or their rewards strategies.