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Airlines, along with its affiliates in Peru, Argentina and Ecuador, and Brazil-based
TAM Lineas Aereas on Friday agreed to a non-binding memorandum of understanding
to merge into the LATAM Airlines Group. The deal is valued at $3.7 billion.
The carriers said the
combined entity would offer passenger air services on more than 220 aircraft to
a combined 115 destinations, spanning 23 countries. However, the carriers
envision that LAN and TAM would maintain separate brand identities, as well as their
headquarters in Santiago
and Sao Paulo, respectively.
They first must move
the transaction toward a binding definitive agreement, for which negotiations
are underway. Under the roughly sketched terms outlined on Friday, LAN Airlines
would become the parent company and "align activities for all group
holdings." The new company plans to offer TAM shareholders 0.9 common shares
of LATAM for each share of TAM. The deal would require the blessing from
shareholders and regulators.
TAM vice chairman
Mauricio Rolim Amaro would become chairman of the merged parent company, while LAN
CEO Enrique Cueto would become CEO.
around the world continues," said Helane Becker, airline analyst for
Dahlman Rose & Co. "This will continue to be the theme for airlines as
they strive to expand without adding capacity."