Meh - let's see what happens rather than speculate wildly. Being a cash deal, this can go a couple of different ways.
What must be remembered is that AC has its own revamped FF program launching next year, and my sneaking suspicion is that it will continue to alienate E25, E35 and E50-level business customers in order to focus more heavily on the Super Elites and million-milers. These lower-tier and mid-tier folks may not fly long-hauls in business every other week, but they do spend a fair bit of money on travel over the course of a year, and they represent an under-served market. That's a market that WS would be wise to pursue, especially considering the relatively low cost that would be required to earn their long-term loyalty.
That, to me, would be an easy one for any owner to grasp - even an equity firm - since it's such low-hanging fruit.