CADE approved American Airlines' $100 million investment for about 8 percent of Azul, after Abra Group appealed an earlier staff clearance. The approval depends on a merger-control agreement the regulator can enforce.
Brazil's antitrust regulator CADE approved American Airlines' $100 million investment in Azul on Wednesday, Reuters reported from Sao Paulo. The deal gives the US carrier a minority stake of about 8 percent.
Azul left Chapter 11 bankruptcy protection in February after a restructuring that included investments from United Airlines and American. CADE's technical staff had already cleared the American stake. Abra Group, which controls Gol, a longtime American partner, appealed that clearance.
The tribunal's approval is conditioned on signing and full compliance with a merger-control agreement between CADE and the parties. The regulator said the agreement turns previously private safeguards into obligations it can enforce directly.
Aviation Week also reported the 7 October decision. Neither account published the text of the agreement or a closing date for the investment.
The ruling is an antitrust clearance, not a change in Azul's route network.