GOL ADRs Higher After American Airlines Investment, Expanded Cooperation
September 15 2021 - 12:20PM
Dow Jones News
By Michael Dabaie
GOL Linhas Aereas Inteligentes SA ADRs were up 4% to $7.63 in
late-morning trading after the Brazilian carrier said it will
receive an equity investment of $200 million from American Airlines
Group Inc.
GOL said Wednesday it agreed to expand its commercial
cooperation with American Airlines through an exclusive codeshare
agreement for the next three years. The agreement expands the
existing codeshare partnership between GOL and American, in place
since February 2020, GOL said.
American will invest $200 million in 22.2 million newly issued
preferred shares of GOL, for a 5.2% participation in the company's
economic interest at $9.00 per preferred share, GOL said.
"We believe that this will bolster GOL's presence in
international markets, accelerate our long-term growth, and
maximize value for our shareholders," GOL Chief Executive Paulo
Kakinoff said.
GOL ADRs are down 22% in the year-to-date period.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
September 15, 2021 12:05 ET (16:05 GMT)
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