American Airlines and GOL complete agreement to form exclusive partnership

American Airlines announced it has signed a definitive investment agreement with GOL, Brazil’s largest airline. “This agreement deepens the relationship between the two carriers to create the broadest and most rewarding network in the Americas,” the airline wrote in a press release. The combined networks will provide customers with more than 30 destinations in the U.S. served by American and more than 34 new destinations in South America served by GOL.

American has served Latin America since 1942 and offers service to 17 destinations in South America, including Sao Paulo (GRU) and Rio de Janeiro (GIG) in Brazil, from its U.S. hubs in Dallas-Fort Worth (DFW), Miami (MIA) and New York (JFK). American has flown more than 14 million customers between the U.S. and Brazil in the last 10 years — more than twice as many as any other U.S. carrier. GOL serves 63 destinations in Brazil and is the country’s largest airline.

As part of the investment agreement previously announced last year, American will invest $200 million in 22.2 million newly issued preferred shares of GOL in a capital increase, for a 5.2% participation in the company’s economic interest. The execution of the other agreements described in this press release, and the closing of the equity investment, are subject to certain conditions, including government and regulatory approvals and other customary closing conditions.