17-Dec-2009 1:24 PM

TAM to spin-off Multiplus SA frequent-flyer business in an IPO

TAM announced plans for an IPO covering its Multiplus SA frequent-flyer business, with the carrier to sell shares in Multiplus outside Brazil (Bloomberg/Reuters, 16-Dec-2009). Banco BTG Pactual SA will manage the sale together with the local unit of Credit Suisse Group. TAM launched Multiples in Jun-2009 after expanding its frequent-flier programme to include retailers, hotels and other services.