Argentina's Senate approved the nationalization of Aerolineas Argentinas and its subsidiary on Wednesday, moving to return the financially troubled airlines to state hands, reported the Associated Press.
Argentina is buying the carriers from Spanish company Grupo Marsans.
The senate vote was 46-21 vote in favor of the takeover of Aerolineas Argentinas and Austral airlines, marking the last step needed to satisfy the country’s nationalization law, which requires the state hold a majority of company shares. Argentina's lower house approved the measure in August.
Argentina now "will proceed in the rescue" of the airlines to guarantee commercial air travel to the public. The country's Congress will now determine the purchase price for the airlines.