LAN Airlines buys Colombian

November 30: Chilean carrier LAN Airlines has announced that it has acquired Colombian Airline AIRES through purchasing 98.9% of the outstanding shares. LAN will only pay $12 million (€9.2 million) in cash but will assume AIRES liabilities, currently some $100 million (€77 million).
Ignacio Cueto, LAN’s President and Chief Operating Officer, said “We are very proud to announce this transaction. AIRES has made an important contribution by allowing many people in Colombia access to air travel as a means of transportation. LAN will now consolidate this growth by elevating even further the airline’s safety, quality, and service standards.”
AIRES will replicate LAN’s ‘low cost’ model and will evaluate the expansion of international passenger and cargo operations. It is the second largest operator in Colombia with a 22% market share and has a fleet of nine Boeing 737-700s, eleven Bombardier Q200s and four Q400, all of which leased