Azul finalises USD22m acquisition of TwoFlex

Azul announced (14-May-2020) the closing of the acquisition of TwoFlex. Payment will be made in up to 30 monthly instalments, subject to certain financial and operating conditions, and a final payment of up to BRL30 million (USD5.16 million). The total purchase price will be BRL123 million (USD21.17 million). TwoFlex is a domestic airline based in Jundiai founded in 2013 and offers regular passenger and cargo services to 39 destinations in Brazil, of which only three regional destinations are currently served by Azul. TwoFlex also holds 14 daily departure and arrival slots on the auxiliary runway at Sao Paulo Congonhas Airport. TwoFlex's fleet of 17 Cessna Caravan aircraft will be important as Azul continues to strengthen its network capicity in the Brazilian regional market for passenger and cargo services. [more - original PR]