LAN formally acquires Aires

LAN Airlines has announced that it has signed for the purchase of 98.942 per cent of the outstanding shares in Colombian low cost carrier Aires. The deal had originally been revealed last month.

According to its statement, the Chilean flag carrier will “acquire Aires for $12 million in cash, in addition to assuming net liabilities of approximately $100 million, which includes $18 million of bank debt”.

It is now expected that Aires will become part of the LATAM Airlines Group, which is being formed from the proposed merger of LAN and Brazil’s TAM