LAN SIGNS DEFINITIVE PURCHASE AGREEMENT FOR AIRES

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By TESTCustomwebLP TESTCustomwebLP October 29, 2010 20:55

LAN SIGNS DEFINITIVE PURCHASE AGREEMENT FOR AIRES

The definitive purchase agreement signed by LAN Airlines to acquire 98.942% of the shares of Colombian airline Aires finalises the $12 million acquisition.

LAN Airlines is assuming Aires’ net liabilities of approximately $100 million, including $18 million of bank debt.

The Chilean airline hopes the purchase allow it to compete in the lucrative Colombian passenger market, which will allow Lan and its affiliates to strengthening their regional presence and provide a seamless service throughout Latin America.

“Aires has made an important contribution by allowing many people in Colombia access to air travel as a means of transportation. LAN will now consolidate this growth by elevating even further the airline’s safety, quality, and service standards,” says Ignacio Cueto, LAN’s president and chief operating officer. “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.”
LAN plans to replicate its low-cost in Colombia to help stimulate demand on Colombian domestic flights by giving more Colombian citizens the opportunity to fly.

In the medium term, LAN plans to evaluate expanding Aires international passenger and cargo services.

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By TESTCustomwebLP TESTCustomwebLP October 29, 2010 20:55
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