RIO DE JANEIRO, BRAZIL – Gol announced Wednesday (15) that it will expand its codeshare agreement with American Airlines, making it exclusive for the next three years; further, the U.S. carrier will make a US$200 million (R$1.05 billion) investment in the company via a stock purchase.
The new agreement expands the terms of the partnership signed between the two companies in February 2020, increasing travel opportunities for its passengers, enhancing the customer experience, and improving Gol’s competitive position on routes connecting North and South America.
The partnership’s flights currently operate out of Gol’s hubs at Guarulhos Airport (SP) and Galeão Airport (RJ), integrating 34 Brazilian and international route options.
American Airlines will also make a US$200 million investment in Gol via the purchase of 22.2 million newly issued preferred shares at US$9 per share, giving it a 5.2% equity stake in the company.
Richard Lark, Gol’s chief financial officer, says the investment brings the total long-term capital raised to more than R$3.7 billion over the past six months, including more than R$2 billion of new capital. “This additional liquidity further enhances Gol’s financial flexibility while minimizing dilution for shareholders.”
All holders of the company’s preferred shares, including in the form of ADRs, will be able to exercise their preemptive rights to subscribe for a portion of the newly issued shares in proportion to their existing holdings. The terms and conditions of the capital increase will be disclosed after approval by the board.