LAN Airlines SA, Chile flagship carrier, has agreed to purchase Aires, Colombia’s second largest airline, for a report $32.5 million.
The Colombian carrier has a 22% market share with 22 domestic routes and three international destinations. Aires, a low-cost airline, has 24 planes in their fleet.
LAN is already acquiring a stake in Brazilian airline TAM SA. The purchase of Aires will help LAN build up its domestic flight operations in Colombia, which is one of the largest domestic flight markets in Latin America.