The main shareholders of the Colombian airline Avianca and the controlling shareholder of the Brazilian company GOL have signed an agreement to create an air transport group under a commercial structure bearing the name Abra Group Ltd. (“Abra Group”).
This group will be subject to normal regulatory approvals and closing conditions. Avianca and GOL will be controlled by the Abra Group, bringing these iconic brands closer together within the same holding company.
The Abra Group will be a closed capital company incorporated in the United Kingdom. Once the transaction closes, the Abra Group will control Avianca and GOL and, as a result, will also have non-controlling economic rights in Viva’s Colombia and Peru operations, and will have a convertible credit in a minority investment. On Sky Airline in Chile.
“Abra’s financial strength will provide participating airlines with long-term stability and agility, thereby promoting continued and sustainable investment in innovation and synergies.”Avianca said in a statement.
Certain financial investors have pledged to invest more than $350 million in Abra stock upon closing of the transaction, further strengthening Abra’s balance sheet and liquidity position.
“The transaction is expected to be completed in the second half of 2022, subject to the fulfillment of customary closing and regulatory conditions.” Avianca said in a statement.
Roberto Crete, who will be the group’s chairman; Constantino de Oliveira Jr., Group CEO, Adrian Neuhauser, current President and CEO of Avianca, and Richard Lark, current Chief Financial Officer of GOL, will be Group Co-Chairs and will retain their current positions with Airlines.
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