Overview

• Abra Group notified Azul on September 26, 2025 that it was terminating negotiations for a potential combination.
• The notice referenced a confidentiality agreement dated April 12, 2024 and said talks had not meaningfully progressed for months.
• A January 15, 2025 memorandum of understanding and a related CADE pre-filing were described as having been made under conditions that no longer reflect the companies' situations.
• GOL separately requested the termination of its commercial cooperation and codeshare agreements with Azul, while committing to honor tickets already issued under the alliance.
• Azul filed for Chapter 11 protection in late May 2025, and the shelved merger would have created Brazil’s largest airline group, potentially overtaking LATAM’s position.