GOL and Azul confirm termination of merger discussions and codeshare agreement
GOL and Azul announced (25-Sep-2025) GOL's majority shareholder Abra Group delivered notice to Azul that it is "terminating discussions with respect to the possible business combination that was being negotiated between Azul and Abra", confirming: "Abra hereby provides written notice to Azul that Abra is terminating discussions with respect to a possible transaction". Abra Group noted: "The parties have not meaningfully discussed or progressed a possible business combination transaction for several months as a result of Azul's focus on its Chapter 11 proceeding". GOL and Azul also both confirmed "the termination of the agreements entered into in May 2024, which aimed to establish commercial cooperation via codeshare to connect their respective air networks in Brazil". Abra Group stated: "We continue to believe in the merits of a business combination of Azul and GOL and, as such, Abra is ready, willing and available to engage with the relevant stakeholders". [more - original PR - GOL] [more - original PR - GOL - II] [more - original PR - Azul]
Background ✨
Brazil's competition regulator opened an investigation into the Azul-GOL codeshare, restricting any route expansion until its review was completed1. Previously, Azul and Abra Group had signed a non-binding MoU to pursue a business combination, with Azul highlighting the network complementarity and expected consumer benefits of a merger2 3. Abra Group CEO Adrian Neuhauser recently expressed uncertainty about resuming merger talks, citing Azul's ongoing restructuring4.