Business
GOL and American Airlines Upgrade to Exclusive Codeshare Agreement
SÃO PAULO, Sept. 15, 2021 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and B3: GOLL4), ("GOL" or "Company"), Brazil's largest airline, has
About this update from American Airlines Group, Inc.
[{"type":"text","content":" SÃO PAULO, Sept. 15, 2021 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and B3: GOLL4), (\"GOL\" or \"Company\"), Brazil's largest airline, has agreed to expand its commercial cooperation with American Airlines Group Inc. (NASDAQ: AAL) (\"American\") through an exclusive codeshare agreement (\"Agreement\") for the next three years that will deepen the relationship between the two airlines. As part of the Agreement, GOL will receive an equity investment of US$200 million (R$1.05 billion) from American.\nThrough its exclusivity, the Agreement expands beyond the terms of the existing codeshare partnership between GOL and American, enhancing the travel opportunities for their passengers, the customer experience and the competitive position of GOL on routes connecting North and South America. In place since February 2020, the existing codeshare already represented the largest route network in the Americas, enabling the Company's customers to travel seamlessly to more than 30 destinations in the U.S. The partnership flights currently operate in GOL's hubs in São Paulo (GRU) and Rio de Janeiro (GIG), integrating 34 options of Brazilian and international routes, such as Montevideo, in Uruguay.\nThe completion of the Agreement and equity investment is subject to conditions, including the execution and delivery of definitive documentation and other customary closing conditions.\nExclusive Codeshare\n\"The exclusive codeshare agreement between two of the leading airlines in the Americas combines highly complementary route networks to offer customers a superior travel experience, due to the largest number of flights and destinations in North and South America,\" said GOL CEO Paulo Kakinoff. \"We believe that this will bolster GOL's presence in international markets, accelerate our long-term growth, and maximize value for our shareholders. It adds to our confidence in the Company's growth as the economy reopens and travel demand increases.\"\nGOL's network services 63 destinations in Brazil as well as 140 international through codeshare agreements. The Company recently confirmed that Cancun (Mexico) and Punta Cana (Dominican Republic) will be its first international routes to reopen since the beginning of the Covid-19 pandemic. GOL will begin to operate flights on those routes by mid-November 2021.\nOver the last 10 years, ...