Avianca / Taca + Aerogal

Fabio Villegas, presidente de Avianca, viene adelantando conversaciones para que la empresa, cuyo propietario es German Efromovich, adquiera el control de la aerolínea salvadoreña Taca, una de las más grandes de Centroamérica. En los próximos días se anunciaría el resultado de la negociación.

Colombian carrier Avianca and El Salvador-based airline group TACA intend to merge.
Under a plan revealed today, the two privately held companies initially will remain separate entities, with Avianca's owner Synergy taking a two-third stake in the new parent company. TACA's shareholders will hold the remaining third.
Combined the new entity will operate a fleet of 129 aircraft to more than 100 destinations, and generate annual sales of $3 billion, the carriers' top executives said in a press conference.
Roberto Kriete, TACA chairman and CEO, who will serve as chairman of the new company, noted, "Grupo TACA has long been a leading force for consolidation and rationalization in the Latin American airline industry. This latest chapter is a significant milestone in our corporate evolution, giving us the breadth and scale to better compete with any player in our markets while ensuring our long-term success. It represents a unique opportunity for all of our employees and shareholders to form part of one of the leading airline groups in the Americas."
Avianca CEO Fabio Villegas, who will be CEO once the merger is concluded, added, "This is a great day in the history of aviation. We are bringing together two of the world's oldest airlines, two institutions with a unique focus on servicing their customers and on the well-being of all their stakeholders, to create an industry leader. I look forward to working with all of our employees as we execute on a vision to build not only the biggest, but the best, airline in the region."
Few details are being disclosed, although for now both airlines will continue to operate as separate companies and will maintain their current reporting lines. "Each operating company will remain independent while the new group will leverage best business practices across both organizations," the airlines noted in a release.
The deal is subject to regulatory approval.
Bank of America, Caoba Capital and Merrill Lynch were TACA's financial advisors, which also used Greenberg Traurig as counsel. Simpson Thacher & Bartlett and Gomez-Pinzon Zuleta acted as counsel to Avianca.

BOGOTA, Colombia & SAN SALVADOR, El Salvador & LIMA, Peru - (Business Wire)

After completing the regulatory and antitrust approvals required to create the joint venture announced in October 2009, Synergy Aerospace Corp., majority shareholder of AVIANCA, and Kingsland Holding Limited, owner of Grupo TACA, informed today that they have closed their agreement to officially start its strategic integration.

This agreement allows the shareholders to contribute their investments in AVIANCA and Grupo TACA into a new company which will be named “AVIANCA-TACA Limited” domiciled in Bahamas, in which Synergy Aerospace Corp. will own 67%. and Kingsland Holding Limited, 33%.
As per this agreement, the new Company’s executives will implement a plan aimed to control, promote and strengthen the group of airlines that make part of AVIANCA and TACA and that constitute the network with the largest coverage in Latin America.
The Shareholders’ Agreement provides that all strategic decisions are to be made by consensus (merge of equals concept).

Grupo TACA includes TACA INTERNATIONAL, and its share in LACSA, TACA PERU, AVIATECA, SANSA, LA
COSTEÑA, AEROPERLAS and ISLEÑA airlines.

AVIANCA includes: AVIANCA, SAM and TAMPA, as well as the purchase option that Grupo Synergy has of AEROGAL in Ecuador and OCEANAIR in Brazil.


The Joint Venture and synergies capture process

The joint venture process is to be made in phases, with the main purpose of innovating for the benefit of markets and travelers, moving progressively into a strategic integration that allows strengthening the competitive position of the airlines in Latin America, with a common vision.

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Avianca, which finalized its merger with Grupo TACA last month, plans to continue growing with the acquisition of Quito-based Aerogal, CEO Fabio Villegas said. Speaking last week to journalists in the Ecuadoran capital, he said Avianca parent Synergy Aerospace intends to invest $7.2 million on an 80% stake in Aerogal while TACA parent Kingsland Holding will acquire the remaining 20%, Dow Jones reported. Government approval is pending. Villegas said Aerogal will take delivery of three new A320s in the second half of this year, increasing its overall fleet to 15 aircraft. Poder 360 reported that the sale could be completed by June and that Aerogal Chairwoman Gabriela Sommerfield said the Ecuadoran airline will maintain its brand.
This week Avianca said it posted a 2009 net profit of COP19 billion ($9.9 million), down 53.7% from the COP41 billion reported in 2008. Passenger numbers rose 4.5% to 6.9 million.