Abracadabra in Latin America's air transport business
Exactly 40 years after the Steve Miller Band released the pop classic "Abracadabra", the shareholders of Avianca (Colombia) and GOL (Brazil) have conjured the “Abra Group as a major air transportation group across Latin America” out of the hat.
Subject to customary regulatory approvals and closing conditions, Abra will control Avianca and GOL and bring together their iconic brands under a single group. However, under a common aligned ownership, they will continue to maintain independent brands, teams and culture while benefiting from greater efficiencies and investments, including in the air cargo business.
Through recent investments made by Avianca's and Viva's shareholders, Abra will also own a non-controlling 100% economic interest in Viva's operations in Colombia and Peru as well as convertible debt representing a minority interest investment in Chile's Sky Airline. (ah)