After completing the regulatory and antitrust approvals required to create the joint venture announced in October, Synergy Aerospace Corp, majority shareholder of AVIANCA, and Kingsland Holding Limited, owner of Grupo TACA, announced Tuesday that they have closed their agreement to officially start its strategic integration.
This agreement allows the shareholders to contribute their investments in AVIANCA and Grupo TACA into a new company, which will be named “AVIANCA-TACA Limited” domiciled in The Bahamas, in which Synergy Aerospace Corp will own 67 percent and Kingsland Holding Limited will own the remaining 33 percent.
As per this agreement, the new company’s executives will implement a plan aimed to control, promote and strengthen the group of airlines that make part of AVIANCA and TACA and that constitute the network with the largest coverage in Latin America.
The Shareholders’ Agreement provides that all strategic decisions are to be made by consensus (merge of equals concept).
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