SAO PAULO – Gol (GOLL4) announced this Wednesday (15) the expansion of its commercial cooperation with American Airlines through an exclusive codeshare agreement.
Codeshare is a cooperation agreement between airlines that transport passengers whose tickets were issued by a different company. In other words, you buy a ticket with American Airlines, but when you board, go on a Gol plane, for example.
As part of the agreement, which will have a term of three years, the American airline will invest US$ 200 million (approximately R$ 1.05 billion) in 22.2 million preferred shares recently issued by Gol in a capital increase, passing holding a 5.2% stake in the Brazilian company.
“The exclusive codeshare agreement between two of the leading airlines in the Americas combines highly complementary networks and offers customers a superior travel experience provided by the greater number of flights and destinations in North and South America,” says Paulo Kakinoff, CEO of Gol, in a note.
• BofA downgrades shares of airlines Gol and Azul to equivalent to the sale
“We believe this will further strengthen Gol’s presence in international markets, accelerate our long-term growth and maximize value for our shareholders. It also confirms the confidence in the company’s growth as the economy reopens and the demand for travel increases”, he adds.
Richard Lark, Gol’s chief financial officer, adds that the investment, when added to the BRL 2.7 billion of long-term capital raised in the second quarter of this year, raises the total long-term capital raised to more than BRL 3.7 billion in the last six months, including more than BRL 2 billion of new capital. “This additional liquidity further improves Gol’s financial flexibility, while minimizing dilution for shareholders,” he writes in a note.
In force since February 2020, the existing codeshare between the two airlines allows Gol passengers to conveniently connect to more than 30 destinations in the United States. The partnership’s flights currently operate at Gol’s hubs in São Paulo (GRU) and Rio de Janeiro (GIG), integrating 34 options of Brazilian and international routes, such as Montevideo, Uruguay.
Last Tuesday (15), GOLL4 shares closed the trading session with a drop of 1.2%, traded at R$19.28 on the Brazilian stock exchange.
Discover XP’s action plan for you to transform the challenges of 2022 into investment opportunities.