GOL Linhas Aéreas Inteligentes says its affiliated company VRG Linhas Aéreas has executed a memorandum of understanding with the controlling shareholders of Webjet Linhas Aéreas for the acquisition of 100% of WebJet’s capital stock in a 96 million reais ($60.75 million) deal.
Total consideration, subject to adjustment, is 310.7 million reais with debt representing 215 million reais.
According to Flightglobal’s ACAS database, GOL Linhas Aéreas Inteligentes operates 33 Boeing 737-700s and 62 737-800s. Webjet Linhas Aéreas operates 24 737-300s.
GOL says the combined fleet will total 141 aircraft at December 2011 including 26 737-300s, 40 737-700s and 75 737-800s.
GOL says the benefits of the transaction includes 100 million reais in synergies including 60 million reais at corporate levels (sales, general expenses and administrative) and 40 million reais at operating levels.
The agreement strengthens GOL's presence in the domestic market. In 2010 the carrier transported 28.5 million passengers domestically while Webjet Linhas Aéreas transported 4.34 million passengers. TAM Linhas Aéreas was the largest operator with 29.1 million passengers.
At cash levels, GOL Linhas Aéreas Inteligentes had 1.97 billion reais cash and cash equivalents at 31 December 2010 while Webjet Linhas Aéreas had 56.5 million reais.
Debt schedule repayment include 81 million reais this year for Webjet and 146 million reais for GOL. In 2012, Webjet is due to pay 34 million reais while GOL has 55 million reais debt repayment. Plans for 2013 include 24 million reais for Webjet and 49 million reais for GOL. In 2014, Webjet is due to pay 24 million reais while GOL has 19 million reais debt repayment.
In 2015, GOL is due to payback 598 million reais while Webjet is due to pay 24 million reais.
The signature of acquisition contract is anticipated for later this month.