GOL buys Brazilian rival

Brazil’s largest domestic airline, GOL has entered into an agreement to acquire MAP Transportes Aéreos (MAP), a Brazilian domestic airline with flight routes to regional destinations and São Paulo’s Congonhas Airport. GOL states that the acquisition reflects its “on-going commitment to expanding the demand for passenger air transportation in Brazil and what its Management perceives to be an unparalleled market opportunity for rational consolidation in the Brazilian aviation market, as the country’s economy recovers from Covid-19”. MAP will be acquired for R$28 million (approx.. US$5.6 million) in cash and stock, to be paid upon satisfaction of all closing conditions, comprised