Gol enters purchase agreement to buy WebJet

Washington DC
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Brazilian carrier Gol has entered into a stock purchase agreement to acquire WebJet as of yesterday.

Gol, which announced on 8 July that it would purchase WebJet for 96 million reais ($61.2 million), will acquire 100% of the carrier's stock through its subsidiary VRG.

The purchase is subject to approval by relevant government authorities, said Gol.

Media reports following Gol's announcement of the takeover have said that Brazil's competition regulator CADE plans to suspend Gol's acquisition of WebJet due to concerns over reducing competition in the Brazilian domestic market. CADE, however, has yet to issue a formal statement and Gol has so far declined to comment on the reports.