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Costa Verde Aeronautica SA agrees to purchase an 8.6% stake in LAN Airlines

23-Feb-2010 12:58 PM

Chile’s Costa Verde Aeronautica SA has agreed to purchase an 8.6% stake in LAN Airlines, or 29 million shares, from Axxion SA and Inversiones Santa Cecilia SA for USD17.23 each, for a total of USD500 million (Bloomberg, 22-Feb-2010). Axxion SA had originally offered Costa Verde a 21% stake in the carrier for USD1.2 billion. Costa Verde now owns a 31.75% stake in the carrier.