Dynamics have shifted in the Latin American airline market during the past two years. Those changes stem from the bankruptcies of the region's three largest airline groups as well as operators forming new partnerships to capitalize on the recovery from COVID-19. Now Avianca is attempting to build a mega airline group in Latin America through its planned purchase of ultra-low-cost rival Viva and the creation of Abra Group, which includes Avianca's principal shareholders and the controlling shareholder of Brazilian low cost carrier GOL Airlines. The companies hope to close on the agreement to establish Abra during the second half of this year, with Latin American industry veteran Roberto Kriete as the group's chairman. Abra would own a noncontrolling interest in Viva as well as convertible debt representing a minority investment in Chile's Sky Airline.
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