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Air France-KLM goes Brazilian in run up to World Cup

February 24, 2014 Aviation, Headline News No Comments Email Email

egtmedia59European airline giant Air France-KLM will invest USD 100 million in Brazilian airline Gol Linhas Aereas Inteligentes (Gol) to capitalise on a potential surge in travel demand to Brazil during the coming soccer World Cup and 2016 Olympics.

GOL is a Brazilian low-cost airline based in São Paulo. It’s the second largest Brazilian airline company by market share and fleet size, after TAM Airlines, a subsidiary of LATAM Airlines. Gol competes in Brazil, Latin America, Chile and Colombia with the ChileanMore-fun-in-the-Philippines_250X250px LATAM Airlines Group, the Brazilian Azul, the Colombian Avianca Holdings and it’s owner Synergy Group.

According to Wikipedia, Gol also owns the brand Varig, although that name now denotes the so-called ‘new’ Varig, founded in 2006 and not the ‘old’ Varig, founded in 1927.

Air France-KLM will pay Gol a premium of about 169% on its stock, based on Wednesday’s closing price of USD 4.55, according to calculations by Thomson Reuters.

Both Air France-KLM and Gol reportedly expect to obtain regulatory approval within the next three months, in time for the start of the World Cup in June.

Written by : Peter Needham

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