Two Latin American airlines, Colombia’s Avianca and El Salvador’s Grupo TACA, closed on a merger agreement after receiving government approvals to combine their operations.

The new parent company, Avianca-TACA, will be based in the Bahamas, 67% owned by Synergy Aerospace, Avianca’s majority owner, and 33% owned by TACA majority owner Kingsland Holding.

The company plans no short-term name or brand changes.