A consortium of North American investors, spearheaded by Mega C&S Holding, Inc., and Equitas Capital LLC, has formally entered the bidding process to acquire a majority interest in Pakistan International Airlines (PIACL). They are joined by a Pakistan-based SPV consortium comprising Augment Securities & Investments (Pvt.) Ltd., Serene Air (Pvt.) Ltd., and the Bahria Foundation.

This move follows Pakistan’s initiative to privatize its national carrier, with the consortium submitting its Expression of Interest (EOI) and Statement of Qualification (SOQ). This submission marks a significant step in the government’s broader economic reform and fiscal consolidation agenda.

Robert Newmark, Senior Vice President International of Equitas Capital LLC, expressed strong optimism regarding the airline’s future. “We believe PIACL holds immense potential to reclaim its place as a leading regional and international airline,” Newmark stated. He emphasized the consortium’s unique blend of “deep local insight with global experience across aviation, infrastructure, and institutional investment,” positioning them to lead a “purposeful and outcome-driven transformation.”

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Notably, this consortium is the sole North American participant among the five parties that have submitted statements for PIA’s privatization, as confirmed by the Privatization Commission of Pakistan. Prequalified bidders are slated to gain access to a virtual data room in the coming weeks to commence detailed due diligence.

The consortium’s financial advisory is being handled by Alliott Hadi Shahid Chartered Accountants (UAE-based), while HP | FKM Hafeez Pirzada | Farooq, Khan & Mirza Corporate Counsel | Barristers | Advocates, Pakistan, are serving as their legal consultants.

Newmark concluded by highlighting the collaborative vision: “We are excited about this opportunity to work in partnership with the Government of Pakistan, regulatory stakeholders, and aviation professionals. We clearly envision a far more competitive and resilient PIA, and a PIA that meets the needs and aspirations of the Pakistani people.”