The airlines Azul () and Gol () signed a memorandum of understanding this Wednesday (15), aiming for a merger that will result in a new company with more than 60% market share.
Azul’s CEO, John Rodgerson, will assume the presidency of the new group, which is expected to begin joint operations in 2026, after approval by the regulatory bodies, Cade and Anac.
The merger is conditional on Gol’s judicial recovery in the United States, where the company seeks to renegotiate debts under Chapter 11. According to information from Folha de S.Paulothe success of this process is fundamental to the viability of the new business.
The memorandum establishes that the combined leverage of the two companies cannot exceed that of Gol after the recovery is completed, currently estimated at four times EBITDA. If this parameter is not reached, the merger will not be completed.
The governance of the new group will be shared, with Rodgerson acting as CEO and a chairman of the board appointed by the holding company Abra, which controls Gol and Avianca.
The board will consist of nine members, three appointed by Azul, three by Gol and three independent, approved by shareholders.
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There will be no new financial investments; the merger will only involve assets already available.
The Azul and Gol brands will continue to operate independently, but the merger will allow aircraft from one company to fly from the other, increasing connectivity between large cities and more distant destinations.
Azul will also continue to expand its fleet with Embraer aircraft, seeking synergies in international flights.
