The Administrative Council of Economic Defense (Cade) announced on Monday (03/21), without restrictions, the approval of American Airlines’ investment in Gol Linhas Aéreas.
This operation’s purpose is to expand the current commercial cooperation relationship with the offer of flights in the Brazil – United States corridor. The decision order authorizing the operation is available in today’s edition of the Diário Oficial da União (DOU). Source: Aeroin.
Regarding the investment:
As announced by Gol in a Significant Event, American will make a capital investment of US$200 million in the form of 22.2 million preferred shares issued by Gol through a capital increase. This will give America a 5.2% stake in Gol.
Since March 2020, at the beginning of the pandemic, Gol has suspended flights on the Brazil-U.S. route, which is scheduled to resume in 2023. American Airlines, for its part, not only suspended but canceled some flights to Brazil. With the operation, the airlines will be able to increase the supply of travel between the countries.
To enable the expansion of the existing partnership, the companies agreed to apply exclusivity clauses. Those ones are in relation to the codeshare agreement, interline and frequent flyer programs, as well as commercial exclusivity obligations in relation to fares and network availability.
In its order, the General Superintendence of CADE understood that the activities of Gol and American Airlines are complementary, with Gol’s low participation in the supply of flights between Brazil and the United States. This is due to the fact that its competitors Azul and Latam have strategic alliances or partnerships established with United Airlines and Delta Airlines, respectively. Therefore, the transaction has the potential to increase competition by offering more flights in this air corridor and was approved without restrictions.
If the CADE Tribunal does not revoke the merger act for analysis or if no appeal is filed by an interested third party within 15 days, the Superintendency’s decision will be final. Hence the transaction will be approved definitively by the antitrust agency.
See also: GOL to increase flights between Rio de Janeiro and Buenos Aires
 announced on Monday (03/21), without restrictions, the approval of American Airlines' investment in Gol Linhas Aéreas.){kind=link}