Airline wants to stop selling shares on the stock exchange and become fully controlled by the Abra group
The company announced this Monday (October 13, 2025) that its board of directors approved a proposal for corporate reorganization that could lead to delisting on the (São Paulo Stock Exchange). Read the relevant fact (PDF – 296 kB).
In practice, this means that the airline intends to stop having shares traded on the stock exchange and become a company fully controlled by the Abra group.
According to the document, the operation is part of a plan to simplify the group’s structure, reduce costs and unite operations. The proposal will be analyzed by shareholders at a meeting scheduled for November 4th.
According to the document, GOL Linhas Aéreas Inteligentes and GIB (GOL Investment Brasil) will be incorporated by GLA (GOL Linhas Aéreas), a privately held company and wholly owned subsidiary of GOL.
“The merger takes place with the aim of reorganizing the company’s operations, seeking synergies and reducing costs”says the text.
Investors who currently own shares will have two options:
- sell its shares in an OPA (public takeover offer), a “buyback” made by the company;
- continue as partners of the new company, which will not have shares on the stock exchange or be registered with the CVM (Securities Commission).
GOL informed that shareholders who disagree with the operation will have the right to withdraw and may request a refund of their shares. The document also determines that, if the total value of the OPA exceeds R$47.25 million, the controlling company may withdraw from the operation, which would also prevent the restructuring.
Merger withdrawal
The decision comes less than a month after GOL.
The process, which had been discussed since the beginning of the year, was interrupted after disagreements over the companies’ financial and strategic priorities.
The end of the talks also led to the termination of the codeshare (flight sharing agreement) that existed between the airlines.
Differences with B3
The decision comes after GOL faced difficulties in complying with B3 rules. The company has few shares in circulation on the market and shares with a value below R$1, which classifies it as “penny stock”.
The exchange gave until January 2026 to correct the price and until January 2027 to increase the number of shares available.
These problems began after GOL’s judicial recovery in the United States in June. Since then, parent company Abra has increased its stake to more than 99% of shares, leaving just 0.78% in circulation.
