While both Etihad and Jet Airways would retain stakes in the program after a deal with Blackstone it’s not clear the relative shares each party would give up. For Etihad even a partial sale would them out of their worldwide expansion, which they’ve retrenched from after losing their shirts in Alitalia and air berlin. For Jet Airways it would provide them desperately-needed cash.
Reportedly the deal would value the program at $429 – $569 billion, which is 43% – 90% higher than in 2013. At the same time though membership in the program has grown 220% during that period so its value would be lower on a per-member basis.