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Synergy Group to acquire control of TACA

Written by thomas · Filed Under Commercial 

October 13, 2009

thomas

As a result of months of negotiations, Efromovich, who already controls Avianca and Ocean Air, has announced the establishment of a holding company which will control the Central American group, TACA. Synergy will have the majority of the stock in the holding company which will be based outside the region, with both Avianca and TACA owning a minority stake. In a press conference in El Salvador, Roberto Kriete of TACA and German Efromovich, announced that the result will be the largest airline group in the region, with the largest fleet of 129 NG aircraft generating revenues estimated at $300 billion next year. The holding company will control both airlines making it one of the largest in the region with a common fleet of A320 and A330 aircraft. It will also have the right to exercise options on 37 NG A320s/A330s. The two brands will be maintained while the holding company will control all three airlines. According to the press release, the CEOs of both Avianca and TACA will be CEO and Chairman of the holding company. The new holding company will also launch an IPO on the New York Stock Exchange at some time in the future. The combined airlines will now compete with LAN, TAM and GOL/Varig serving all of Latin America, the US and Europe.

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