Chilean carrier LAN Airlines has agreed to acquire 99% of the outstanding shares of Colombian airline Aires for $32.5 million.
LAN said it expects to finalize the deal in 30 to 60 days.
Upon closing, Aires would become an affiliate of LAN, with each company complying with the foreign-ownership and control regulations in the country where they operate.
If the LAN’s combination with Brazilian airline TAM is successful, Aires would become part of the new LATAM Airlines Group.
Aires flies to 25 destinations in Colombia and three outside the country, including service to New York and Fort Lauderdale.