LAN Airlines to buy Colombian Aires for $32.5 million

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As it continues its South American expansion, Chilean national carrier, LAN Airlines, agreed to buy Colombia’s second largest airline, Aires.

In a statement LAN said that low-cost Aires has a 22% market share with 22 domestic routes and 3 international destinations. Aires’s fleet is comprised of 24 aircraft. The Chilean carrier is expected to pay $32.5 million for Aires.

Lan Airlines SA is Latin America’s biggest carrier by market value and acquisition of Aires will help it build up its flight operations in Colombia.

According to LAN’s statement, he acquisition of Aires to be completed in 30 days to 60 days.