The board of GOL Linhas Aéreas Inteligentes (G3, São Paulo Congonhas) has approved a capital increase of up BRL2.87 billion real (USD610.81 million) representing 67,347,010 preferred shares following a previously disclosed USD200 million investment from American Airlines (AA, Dallas/Fort Worth).
The Brazilian domestic airline in a statement said the new capital increase will amount to at least BRL948.3 million (USD201.9 million) representing 22,224,513 preferred shares.
GOL shareholders will have a pro-rata preferential subscription right to the new shares and may assign such rights to third parties. The exercise period of the pre-emptive rights shall be thirty 30 calendar days from April 13, 2022, to May 13, 2022.
Last month, the Brazilian competition watchdog (Conselho Administrativo de Defesa Econômica - CADE) gave the greenlight for American Airlines to invest USD200 million in GOL for a 5.2% share in the company.
GOL President and Chief Executive Officer Paulo Kakinoff during a recent fourth-quarter 2021 earnings call said the airline was keen on further mergers and acquisitions (M&A) following its purchase of Brazilian domestic carrier MAP Linhas Aéreas (7M, Manaus International).
