Colombian authorities to analyze market impact of Viva – Avianca expedited merger request
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The Colombian aviation authority (Aerocivil) confirmed today the formal receipt by Avianca S.A. and Fast Colombia S.A.S. (Viva’s corporate name) of the request for the former to acquire competitive control of the ultra low-cost carrier and its subsidiary Viva Peru.
«In the exercise of its functions, the Civil Aeronautics will carefully analyze the information, arguments and exceptions presented by the intervening companies and will determine, following the highest standards of analysis developed by national and international competition authorities, the effects of the operation in order to make a determination on it in light of the regulations and principles of free economic competition,» said Aerocivil in a statement.
The agency also emphasized that they will analyze in detail the «possible effects that the integration will generate for consumers, the market and the commercial air transport service».
«This entity will guarantee transparency in the process for the intervening companies and will also give third parties the opportunity to request to be recognized, if appropriate, as interested third parties in the process,» concluded Aerocivil.
Avianca and Viva had announced on April 28 their intention to complete their integration, which was followed in May by the announcement of Avianca and Gol to form a new holding company called Abra Group that will bring together the operations of both companies.
On Monday, Avianca announced that due to the «drastic deterioration» of Viva’s financial situation in the last quarter it was going to request the rescue of Viva under the legal process of «company in crisis».
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