Grupo Abra, which controls Gol and Avianca airlines, announced that it has submitted a preliminary registration statement to the Securities and Exchange Commission (SEC), the agency that regulates US financial markets, for an initial public offering of its common shares in the United States.
- Separated: Gol withdraws from merger process with Azul
The request, according to the statement, was made in November. The group considers that both the offer itself and its date are subject to market conditions and the finalization of the SEC analysis process.
As this is a preliminary document, its content may still be subject to modifications. Indeed, before the offer is made, a survey of investors is carried out on the conditions of the proposal.
In November, Abra Group shareholders approved the delisting of Gol, whose shares are traded on B3. In practice, this change in capital structure would aim to “reorganize the company’s operations, seek synergies and reduce costs”, leaving the way open for an offering of shares in the company.
Abra Group also informed that it is making a change in the company’s board of directors, with the inclusion of new members. The objective is to adapt Abra to the independence criteria of the American stock market.
In September, Grupo Abra announced it had ended discussions about a possible tie-up with Azul, a move that could create Brazil’s largest airline. Both had signed a memorandum of understanding which could lead to a merger.
The change in the operational scenario of the two companies, since the signing of the memorandum, ended up cooling the negotiations. Azul initiated legal recovery proceedings in the United States (Chapter 11) in May 2025 to restructure its debt.
Gol left the U.S. receivership process in June. At different times, it would be difficult to focus on the merger: While Gol must seek growth, after Chapter 11 Azul will focus on restructuring its finances, according to experts’ analysis.
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