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Delta sells stake in Brazil’s Gol
Delta Air Lines has offloaded its stake in Brazil’s Gol Linhas Aereas as it goes all-in on its LATAM investment and joint business venture.
It sold its 9% stake and is moving forward on an acquisition of a 20% stake in South American rival LATAM for about $1,9 billion.
The Gol stake was valued at about $256 million recently when Delta announced it was planning to sell.
Gol is Brazil’s largest carrier with a 37% market share based on data from the first 10 months of this year.
Delta and Gol will also likely halt their cooperation on codesharing, frequent flyer and lounge partnership over the coming months as the Delta-LATAM tie-up moves forward.
It has sparked an Americas merry-go-round with Gol on the lookout for a new partner.
That is widely expected to be American Airlines.
American of course had a partnership with LATAM until Delta moved in.
American and LATAM will officially end their codeshare partnership in February.
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