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March 29, 2007

Gol to Buy Varig in Brazil

Whoever though it would come to this:  Brazil's lowfare juggernaut Gol is going to purchase Varig (or Nova Varig, as it's now called) for $275 million, including just $98 million in cash.  The once mighty(ish) flag carrier has been greatly reduced in size after its near collapse last year.  Gol will receive the right to fly to Europe and the US and, more importantly, slots at Sao Paulo's airport for domestic flights.

March 29, 2007 | Permalink: Gol to Buy Varig in Brazil


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