CADE approves merger of Azul and Trip

The merger of Azul S.A. and Trip Linhas Aéreas S.A. has been approved by the Brazilian Administrative Council for Economic Defense – CADE. The operation was considered pro-competitive by the Tribunal considering that Azul and Trip together are in a better position to compete with the market leaders of national civil aviation, TAM and GOL. The merger approval was conditioned to the signing of a Performance Agreement (“TCD” for its acronym in Portuguese), which determines by the end of 2014 the termination of Flight share agreement (codeshare) that Trip has with TAM the end of Flight share agreement (codeshare) that