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By Daniel Baxter |
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November 29, 2010 - LAN Airlines S.A. announced the signing of the definitive purchase agreement for the acquisition of 98.942% of the outstanding shares of Colombian airline AIRES.
Having completed the due diligence process, LAN will
acquire AIRES for US$12 million in cash, in addition to
assuming net liabilities of approximately US$100
million, which include US$18 million of bank debt.
This transaction will provide the opportunity for an affiliate of LAN to participate in the Colombian passenger market, one of the largest markets in South America, thus allowing for LAN and its affiliates to continue strengthening their regional presence and providing seamless service to its passengers. |
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Ignacio Cueto, LAN?s President and Chief Operating Officer,
stated ?We are very proud to announce this transaction. AIRES
has made an important contribution by allowing many people in
"LAN will now consolidate this growth by elevating even further
the airline?s safety, quality, and service standards. We will
dedicate our maximum efforts to advance this process as swiftly
as possible, applying the experience and recognized capabilities
of LAN, so that passengers may benefit from the changes that
will gradually be incorporated to the AIRES operations.?
In the medium term, AIRES will evaluate the expansion of
international passenger operations and the advantages of any
synergies it may obtain from LAN Cargo?s affiliate in |