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VOEPASS sells MAP LINHAS AEREAS to GOL LINHAS AEREAS | Photo © Herbert Monfre - Airplane photographer - Events - Advertising - Essays - Hire the photographer by e-mail cmsherbert@hotmail.com | Image produced by Herbert Pictures - MORE THAN FLY

The controllers of VOEPASS Linhas Aereas announced on June 8, 2021, the formalization of a contract for the purchase and sale of the company MAP Linhas Aereas, with the purchaser being GOL Linhas Aereas (NYSE: GOL || B3 - IBOVESPA: GOLL4). The negotiation involves the assumption by GOL of all MAP operations, including the 26 slots at Congonhas Airport (CGH). The closing of the deal is subject to conditions precedent, including approval by organization brazilian CADE and ANAC.


MAP is the fifth largest Brazilian airline, with a fleet of seven aircrafts (four ATR-42 with 48 seats and three ATR-72 with 70 seats) that operate on routes in the Amazon region from Manaus International Airport and in the southern regions and Southeast from Congonhas Airport, the country's largest domestic airport. The completion of this Transaction will reinforce GOL's position in CGH of approximately 10% growth, through the addition of 26 daily flights.


GOL maintains its single fleet strategy to serve these new routes in a sustainable and economical way. The Company also has additional flexibility to evaluate new types of aircraft or partnerships that can more cost-effectively serve these regional markets, without any future obligations with respect to MAP's current fleet.


For VOEPASS, the sale of MAP is strategic and represents a move to reduce its indebtedness, improve cash management and will allow, in the medium term, its economic recovery. "Our planning in 2019 indicated a strong recovery for VOEPASS from the first half of 2020. However, with the pandemic, all expectations were frustrated, we started to fight for the company's survival, going through the worst crisis in the history of world aviation. with the sale of MAP, in the medium term we will generate a more balanced scenario of cash and also of our air operation", emphasizes José Luiz Felício Filho, the company's CEO.


The purchase and sale operation was based on the assumption, by GOL, of MAP's financial commitments, in addition to the expansion of capacity purchase operations (CPA) by VOEPASS. Currently, the company operates CPA contracts for GOL with flights to 15 destinations in all regions of Brazil.


For Eduardo Busch, CEO of VOEPASS, the sale of the asset is fundamental for the company's future. "At first, little will change in the management of VOEPASS, as there will be no contribution of resources to the company's cash. There will be the exemption of some short-term debts that will result in better cash management. CPA operations, in the medium term, will allow the company to regain its financial health and meet all its commitments, thus providing an excellent opportunity for the economic recovery of the markets, with the expansion of the regional aviation network in Brazil. post-crisis recovery work has just begun."


"Over the past year, we have consistently emphasized that GOL was well-positioned for growth in the post-pandemic cycle, as a result of prudent financial management and our efficient operating model, which set us apart in the market," said Paulo Kakinoff, CEO . "This acquisition is an important step in our strategy to expand our network and capacity, as we seek to revitalize the demand for leisure and business air travel. Thus, the Company is investing even more in the regional air transport market with emphasis for the Amazon region, supporting local economic development and strengthening our operations at Congonhas Airport."


Kakinoff added: "We believe that the acquisition of MAP is, at this time, the only viable opportunity for rational consolidation in the Brazilian aviation market. Going forward, we will continue to focus on the organic growth strategy, stimulating demand for the expansion of our network."


GOL sees three main benefits in this Transaction:


Expansion to New Routes. The Company intends to offer new destinations and complementary routes to its current network at Congonhas Airport, which will provide a greater range of flight options and more convenience for Customers.


"We believe that GOL's network is the most attractive option for Customers, both for business and leisure, in terms of cost, service and flight frequency," said Edu Bernardes, Vice President of Sales and Marketing.


Increased Seats Supply Density to Historically. Underoffered Markets. In addition to expanding to new routes, the Company will make available a substantially greater number of seats per flight than currently available by MAP for these markets. The ATRs will be replaced by larger and more efficient aircraft, continuing GOL's regional strategy, which currently operates 23 Boeing 737-700 - a model that could be replaced by another type of aircraft that is even more efficient in the future.


"Through the operation of larger and more modern aircraft on these routes, the Company will increase the supply of flights and seats in one of the country's main markets," said Celso Ferrer, Vice President of Operations.


Improving Efficient Operations. With unit costs among the lowest in the world, GOL will offer greater efficiency with these new operations in Congonhas. These lower costs will allow the Company to practice more competitive rates in relation to any competitor in Brazil, which typically serve these markets with smaller and less efficient aircraft, providing scale benefits arising from GOL's operations.


"The Transaction is yet another example that the Company is ready to resume its sustainable growth and investments in Brazilian air transport, supported by substantially lower operating costs than the competition," added Richard Lark, Chief Financial Officer.


Transaction Terms and Conditions. MAP will be acquired for R$ 28 million in cash and shares, to be paid after compliance with all the conditions precedent, consisting of 100,000 GOLL4 shares at R$ 28 per share and R$ 25 million in cash to be paid in 24 installments monthly. At closing, the Company will assume up to R$ 100 million of MAP's financial commitments. The conclusion of the Transaction is subject to certain conditions precedent, including approvals and confirmations by the National Civil Aviation Agency (ANAC) and by the Administrative Council for Economic Defense (CADE).


VOEPASS reiterates that all air operations carried out in the North Region are maintained, without any changes, and that it maintains its expansion plan in this location in Brazil, working to identify infrastructure bottlenecks together with SAC and ANAC so that it can expand destinations serviced in the states of Pará, Amazonas, Acre and Rondônia.


GOL and VOEPASS will immediately consult the regulatory agencies for approval of the purchase and sale transaction, with no date to complete.


ABOUT VOEPASS


Passaredo Linhas Aereas is the oldest Brazilian airline in operation, having started its flights in 1995. In 2019, the controllers of Passaredo acquired the shareholding control of MAP Linhas Aereas, forming the new brand VOEPASS LINHAS AEREAS. It currently serves 31 destinations in all regions of Brazil, with a fleet of 16 ATR 42 and ATR 72 model aircraft. The company has 1100 direct jobs, making it the fourth largest airline in Brazil. , the company served 47 destinations in Brazil, having completely paralyzed its operations from March 23 to July 3, 2020, leaving 102 days without operating. The company operates under the IOSA certification, an international operational excellence certificate issued by IATA, and is a member of ABEAR (Brazilian Airline Association) and ALTA (Association of Latin American airlines). It operates under an interline commercial agreement with GOL Linhas Aéreas and under a codeshare regime with LATAM Airlines.

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