At least a portion of the Qantas frequent flyer loyalty program could be for sale, according to a published report.

According to an article in Australian Business Traveller, as much as 49% of the Qantas frequent flyer program could be sold for between $1.3 billion and $1.6 billion.

Macquarie and Citigroup are believed to be interested in managing the float of the lucrative loyalty program, which registered a record $1.2 billion in billings during the 2013 financial year and contributed $260 million (before interest and tax) to Qantas, the article noted.

Qantas spokesperson Amanda Bolger told Loyalty360 that Qantas will provide an update on its structural review on Feb. 27 as part of its half-year results.

“The review is looking at a range of options, but at this stage, no decision has been made,” Bolger said. “I can confirm that everything is on the table for consideration.”

It remains unclear if airline’s new Aquire small business rewards program−slated to launch in March−would be involved in any sale of the frequent flyer loyalty program.

Aquire would be a stand-alone loyalty program tailored to businesses which will be able to earn Aquire Points via their everyday transactions, including travel. These Aquire Points can then be converted into Qantas Points in the name of an individual Qantas Frequent Flyer member. All Australia-based small and medium businesses with an Australian business number can join. Aquire will reward businesses for transactions they already make today, providing businesses with a central Aquire Points account for owners and employees.

The Qantas Frequent Flyer program is expected to eclipse 10 million members this year.

Qantas Loyalty operates a number of brands across the loyalty spectrum including Qantas Frequent Flyer, Qantas epiQure, Accumulate, and Vii.

Qantas Frequent Flyer has seen extraordinary success since launching in 1987. Today, more than nine million members enjoy the program, rewarding themselves with more than four million Award seats and gift cards redeemed through the Frequent Flyer store every year.

Launched in 2011, Qantas epiQure offers its members premium wines, selected by experts on the Qantas Wine Panel and includes a wide collection of Australia’s most valued and recognized brands, as well as access to exclusive vintages and pre-release orders.

In partnership with some of Australia’s leading restaurants, chefs and sommeliers, Qantas epiQure members can also enjoy exclusive events and money-can’t-buy experiences – from wine tasting classes to private dinners with the best in the business.

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