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Avianca Airlines, GOL to merge under single holding

Avianca Group has agreed with GOL Linhas Aéreas Inteligentes (G3, Sao Paulo Congonhas) to merge under a newly created holding company - Abra Group - although both entities will retain their individual branding and operational independence.

GOL's controlling shareholder, MOBI Fundo de Investimento em Ações Investimento no Exterior (MOBI FIA), and Avianca Group's major shareholders, which include Kingsland International Group, Elliott International, and South Lake One, will contribute their shares in the respective firms in exchange for a stake in the new holding, which will be incorporated in England. Upon completion of the transaction, the investors will jointly control Abra Group, which, in turn, will be both Avianca and GOL's controlling shareholder.

Abra Group will be headed by Roberto Kriete (the current chairman of Avianca, who will become the chairman), Constantino de Oliveira Junior (the current chairman of GOL, who will become CEO), and Adrian Neuhauser (the current CEO of Avianca) and Richard Lark (the current executive vice-president and CFO of GOL), who will become co-presidents. The managers will retain their current posts at the...