Brazil’s antitrust tribunal has cleared American Airlines’ US$100 million investment in Azul, removing a key regulatory hurdle for the US carrier to take a minority stake of about 8% in the Brazilian airline. The decision follows an appeal by Abra Group and comes with a Merger Control Agreement that imposes competition safeguards and makes the commitments enforceable by the regulator.
The approval was issued in Brasília and closes the latest antitrust stage of a transaction first reviewed by CADE’s technical staff earlier in the year. Azul has said the tribunal decision would be published in the coming days together with the agreement, after which the related commercial arrangements with American can move forward.
The transaction forms part of Azul’s post-Chapter 11 restructuring and expands American’s role in the carrier’s capital structure. Alongside the equity stake, the wider arrangement has included governance rights for American, including representation on Azul’s board and on a strategic committee, according to Azul’s market disclosure. The ruling formally clears a cross-border airline investment that had raised competition concerns in Brazil.