Colombia Approves Taca - Avianca Merger

Colombia's aviation authority authorized the operation of a new holding conformed by airlines Avianca and Taca.

Thursday, December 3, 2009

The authorization was granted by "Aeronáutica Civil", the aviation authority, which belongs to Colombia's Transportation Ministry.

"Colombian airline Avianca reported the information on Thursday, adding that the authority granted them authorization 'without reserves'", reported Elsalvador.com.

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Avianca-Taca Purchases Aerogal

March 2010

The group officially announced the purchase of 100% of Ecuadorian company Aerogal.

Gabriela Sommerfield, Aerogal’s president, announced that they will continue using the Aerogal brand.

“’This is the formal announcement of what we consider a landmark agreement, one that will change the course of commercial aviation in Latin America’, stated Fabio Villegas, president of Avianca-Taca, who took part in a press conference with Gabriela Sommerfield”, reported Elfinancierocr.com.

Avianca and Aerogal Merge

October 2009

The Colombian airline Avianca announced its merger with Ecuador's Aerogal.

The announcement was made by Gabriela Sommerfeld, Aerogal's executive president, adding that more details will be available next week.

From Expreso.ec: "... in early 2009, Colombian newspaper Portafolio reported that Synergy Aerospace, owner of Avianca, would acquire up to 80% of Aerogal".

$10 Million for 10% of TACA's Shares

October 2009

As part of the negotiation process, Avianca acquired 10% of Taca Holdings Group.

The stock purchase is due to accounting and fiscal issues, reported TACA's President Roberto Kriete and Avianca's CEO Fabio Villegas.

"The alliance will require various steps. The first one is the regulatory process, which needs to be approved in El Salvador, United States, Colombia and other countries.

Avianca + Taca = Holdco

October 2009

Five years ago Avianca was on the brink of bankruptcy. After purchasing TACA, it is one of the largest airlines of Latin America.

The merger of both companies is likely to trigger a process of airline concentration in Latin America. AeroMéxico has already announced it will seek alliances beyond commercial agreements.

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