Avianca-TACA merger approved
South American airlines Avianca and TACA said Tuesday they have gained regulatory approval of an operational joint venture announced in October 2009.
The merged airlines will continue to operate previous brands, but will seek synergies in cargo and passenger operations. Avianca's parent company, Synergy Aerospace Corp., will hold 67 percent of the joint venture, while TACA's parent, Kingsland Holding Ltd., will retain the other 33 percent.
'The new company's executives will implement a plan aimed to control, promote and strengthen the group of airlines that make part of Avianca and TACA and that constitute the network with the largest coverage in Latin America,' the companies said in a statement.