GOL - Antitrust Authority Approves Strategic Partnership with Air France-KLM
SAO PAULO, May 12, 2014 /PRNewswire/ --GOL Linhas Aereas Inteligentes S.A. (BM&FBOVESPA: GOLL4 and NYSE: GOL), (S&P: B, Fitch: B-, Moody's: B3), the largest, low-cost and low-fare airline in Latin America, announces that the antitrust authority (the General Superintendency of the CADE – Conselho Administrativo de Defesa Economica ("CADE") published today its decision granting unconditional approval for the exclusive long term strategic partnership for commercial cooperation between the Company and Air France-KLM executed on February 19, 2014. The approval may be reviewed by the Court of the CADE if it decides to do so within the next 15 days. The decision of the General Superintendency will become definitive once the 15-day period lapses.
Pursuant to the agreements of the strategic partnership, Air France-KLM will invest $100 million in GOL. This amount will comprise an investment in GOL shares for $52 million, which will represent an equity interest of approximately 1.5% in preferred shares of the Company. The terms and conditions of the share issuance will be approved by the board of directors of GOL, and will be more fully described in a Notice to Shareholder (Aviso aos Acionistas) that will be published after the decision of the board of directors. In addition, Air France-KLM will fund $48 million for purposes of enhancing the effectiveness of the strategic commercial partnership.
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ABOUT GOL LINHAS AEREAS INTELIGENTES S.A.
GOL Linhas Aereas Inteligentes S.A. (BM&FBovespa: GOLL4 and NYSE: GOL), the largest low-cost and low-fare airline in Latin America, offers around 910 daily flights to 65 destinations in 10 countries in South America, Caribbean and the United States under the GOL and VARIG brands, using a young, modern fleet of Boeing 737-700 and 737-800 Next Generation aircraft, the safest, most efficient and most economical of their type. The SMILES loyalty program allows members to accumulate miles and redeem tickets to more than 560 locations around the world via flights with foreign partner airlines. The Company also operates Gollog, a logistics service which retrieves and delivers cargo and packages to and from more than 3,500 cities in Brazil and six abroad. With its portfolio of innovative products and services, GOL Linhas Aereas Inteligentes offers the best cost-benefit ratio in the market.
SOURCE GOL Linhas Aéreas Inteligentes S.A.