Overview

• Negotiations were formally closed on Sept. 25 and the 2024 codeshare was rescinded, with both airlines stating they will honor tickets already issued under the partnership.
• Abra said months passed without meaningful discussions, linking the standstill to Azul’s U.S. Chapter 11 process; GOL recently concluded its own international restructuring.
• The potential combination had drawn antitrust scrutiny, with CADE monitoring the case and counselor Carlos Jacques noting codeshare deals are not automatically exempt from review.
• A merged GOL–Azul would have controlled roughly 58%–60% of Brazil’s domestic market, based on ANAC data cited in the coverage.
• Shares rallied after the announcement, with Azul up roughly 18%–22% and GOL 6%–10%, while new codeshare sales cease immediately and passengers lose some integrated route options.