MELBOURNE (Reuters) — Australia’s Qantas Airways has received a buyout offer from investment firms Macquarie Bank and Texas Pacific Group that could be worth more than A$10 billion ($7.77 billion), sending its shares up 15 percent.“The approach is confidential and incomplete and is being investigated by Qantas,” the airline said in a statement, after a newspaper reported that a Macquarie-led buyout possibly worth A$10.3 billion was in the works.

A deal, which could rival US Airways Group Inc.’s $8 billion bid for Delta Air Lines, would mark a change in strategy by private equity groups that had been hunting for cash-rich retail and media assets in Australia.

However, private equity firm Texas Pacific has always chased airlines.

Its first deal was the rescue of Continental Airlines in 1993. It has held stakes in the former America West and Ireland’s Ryanair Plc and has previously bid for stakes in Air Canada and South African Airways.

Investment bank Macquarie, for its part, has chased everything from top Australian ports group Patrick to the London Stock Exchange over the past year.

A Qantas spokesman could add nothing further to its statement and Macquarie declined to comment.

Qantas shares soared to a record A$5.25, and closed up 15 percent at A$5, valuing the group at A$9.9 billion.

“This has come as a complete surprise as it is not the usual candidate for private equity,” said James Holt, a portfolio manager with Zurich Financial Services, which holds about A$10 million worth of Qantas shares.

JP Morgan analyst Matt Crowe said Qantas directors would probably want more than A$5.50 a share. “It’s going to be very difficult to get over the line,” he said.

The deal would involve Macquarie and associates taking a 25 percent stake in Qantas, other Australian investors taking 25 percent, Qantas senior management one percent and international players led by Texas Pacific, taking the rest, the Australian Financial Review newspaper said, citing market sources.