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C.H. Robinson Worldwide, Inc. (CHRW) - free report >>
Expeditors International of Washington, Inc. (EXPD) - free report >>
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Gol Linhas (GOL) to Acquire Domestic Airline MAP for R$28M
Gol Linhas Aereas Inteligentes S.A. has entered into an agreement to acquire MAP Transportes Aereos Ltda (“MAP”), a Brazilian domestic airline, for R$28 million.
With a fleet of 70-seat ATRs, MAP operates in routes in the Amazon region and the South and Southeast regions of Brazil. Through the acquisition, Gol Linhas expects a growth of approximately 10% at Sao Paulo's Congonhas Airport owing to the addition of 26 daily flights.
Moreover, the company will be able to expand its domestic network to cover underserved markets. Apart from offering new routes, the airline will provide higher number of seats per flight compared with that currently supplied by MAP, to these markets. In this regard, Gol Linhas will replace MAP’s ATRs with larger and more efficient planes.
Gol Linhas Aereas Inteligentes S.A. Price
Gol Linhas Aereas Inteligentes S.A. price | Gol Linhas Aereas Inteligentes S.A. Quote
At a time when air-travel demand is improving in Brazil with increased vaccinations, the impending acquisition will help the company capitalize on the buoyant scenario. The closure of this transaction is subject to approvals by Brazil's National Civil Aviation Agency and Administrative Council for Economic Defense.
Zacks Rank & Key Picks
Gol Linhas carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader Transportation sector are C.H. Robinson Worldwide (CHRW - Free Report) , Expeditors International of Washington (EXPD - Free Report) and Covenant Logistics Group (CVLG - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of C.H. Robinson, Expeditors and Covenant Logistics have rallied more than 20%, 59% and 66% in a year’s time, respectively.
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