Announced in September, American Airlines’ $200 million investment in Gol airline was confirmed by the companies on Monday.
According to a statement released, the US carrier will buy 22.2 million preferred shares of the Brazilian airline, which will entitle it to a 5.2% stake in its capital.
The negotiation still depends on the approval of the Brazilian and US antitrust bodies and also of Gol’s board of directors.
The strengthening of the relationship between American Airlines and Gol came after the two companies were left by their previous partners, LATAM and Delta Air Lines.
American and LATAM even announced a joint venture in which the US company would keep 20% of the company headquartered in Santiago, Chile, but the country’s courts did not approve the deal.
Delta, in turn, had a stake in Gol, but preferred to join rival LATAM in September 2019, by acquiring 20% of the Chilean group.
In February 2020, Gol and American announced a code share agreement to replace the codeshare flights they had with former partners. Later, in September last year, the two companies deepened their relationship by closing an exclusive codeshare through 2023.
As part of the agreement, American has committed to invest US$200 million in the Brazilian airline.
