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Brazilian airline Gol acquires rival Varig

29 March 2007

Brazil’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.


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