Published on : Monday, June 29, 2015
American David Neeleman will continue to control Azul with a 67 percent stake after the deal, which also included a code sharing agreement between United and the Brazilian airline.
“Brazil is an important market in United’s global route network, and this partnership with Azul further strengthens our ties to the region,” United Continental Vice President Jim Compton said at a press conference.
Azul is currently Brazil’s third-largest airline after TAM and Gol and has a 17 percent share of the local aviation market.
Neeleman, who founded Azul in 2008 and is the company’s CEO, was the winning bidder in the privatization of state-owned Portuguese airline TAP, acquiring a 61 percent stake in the debt-ridden carrier earlier this month.