Brazilian airline Gol acquires rival Varig
29 March 2007Brazil’s budget airline Gol Linhas Aereas Inteligentes has agreed to buy rival Nova Varig for $275 million.
Gol Linhas Aereas Inteligentes said Wednesday the deal with Varig’s owners — VarigLog, a former logistics unit of Nova Varig, and Volo, a group of investors — involves $98 million in cash and issue of some 6.1 million preferred shares. It will also assume $45 million in debentures, which will raise the value of the deal to $320 million.
source: earthtimes.org
