South American low-cost carrier specialist Grupo Viva has ceded an unspecified equity shareholding to New York-based private equity firm, Cartesian Capital Group (CCG), for USD50 million.

Irelandia Aviation said in a statement that with the sale, it would remain Viva's majority shareholder.

“With a valuable order book of A320s and a world-class management team, Viva Air will continue Irelandia’s demonstrated track record of democratizing air travel around the world. We are privileged to be their partner,” Peter Yu, Cartesian’s Managing Partner, added.

CCG has sponsored the development of dozens of transnational companies, including airlines such as GOL Linhas Aéreas Inteligentes (G3, Sao Paulo Congonhas) in Brazil and Flybondi (FO, Córdoba Int'l) in Argentina.

BofA Merrill Lynch acted as Viva Latinamerica S.A.'s exclusive financial advisor in connection with the transaction.

For its part, Grupo Viva is the parent firm of low-cost carriers Viva Air Colombia (VH, Medellín José Maria Córdova) and Viva Air Perú (VV, Lima Int'l). To sustain its longterm growth plans, it has orders with Airbus for 50 new-build A320ceo and neo jets.