GOL Receives Antitrust Authority Approval of VRG Acquisition
SAO PAULO, Brazil, June 25 /PRNewswire-FirstCall/ — GOL Linhas Aereas Inteligentes S.A. (Bovespa: GOLL4 and NYSE: GOL), parent company of GOL Transportes Aereos S.A. and VRG Linhas Aereas S.A., announced today that the Brazilian Administrative Board for Economic Defense (Cade) approved the completion of the VRG acquisition by GTI S.A., a subsidiary of GOL Linhas Aereas Inteligentes S.A. with no restrictions, allowing the Company to consolidate its passenger and cargo transportation.
“We are very happy to have received Cade approval, which will allow us to consolidate our investments and improve synergies between the airlines’ operations. The addition of VRG will increase our network capacity and allow us to offer more convenient flight schedules, launch new routes and add service to new destinations, which will have a positive effect on the dynamics of the Brazilian aviation industry as a whole. Most importantly, the acquisition will benefit our customers, who will now have access to more options in the market,” says Constantino de Oliveira Junior, GOL’s President and CEO.
Additionally, integrating GTA and VRG’s operations will allow the Company to optimize revenues and costs as well as maximize the consolidated company’s operational, financial and ancillary revenue capabilities. The Company will continue to invest in IT, quality passenger service, and expanding GTA and VRG’s route networks through organic growth and operational agreements with other airlines.
Cade determined that the acquisition will have no effect on market competition or consumer options in the Brazilian aviation industry. The acquisition of VRG, which was announced on March 28, 2007, and approved by the National Civil Aviation Agency (Anac) on April 3, 2007, had already received favorable rulings from the Ministry of Justice’s Secretary of Economical Law (SDE), the Ministry of Finance’s Secretary of Economical Monitoring (SEAE) and Cade’s Public Attorney.
GOL Linhas Aereas Inteligentes S.A.
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