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Re:

GOL–Azul Merger Talks End; Codeshare Agreement Discontinued

Azul and Abra ended discussions about a potential GOL–Azul combination, while Azul separately announced that its codeshare with GOL would end.
From TheFinanceBase Team2 min to read
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Azul and Abra ended discussions about a potential business combination involving Azul and GOL on September 25, 2025. No merger had been completed: the parties’ January memorandum of understanding was non-binding. Azul also said it was ending its codeshare with GOL and would honor tickets already issued under that agreement.

What happened to the GOL–Azul merger talks?

Azul announced on September 25, 2025, that it and Abra had ended discussions about a potential combination involving Azul and GOL. Their January 15, 2025 memorandum of understanding outlined possible terms but was non-binding. The announcement therefore marked the end of talks, not the reversal of a completed merger. Azul’s September 25 disclosure

What happened to the codeshare?

Azul also announced that it was ending the commercial cooperation agreement, or codeshare, that Azul and GOL had announced in May 2024. Under the arrangement, the airlines shared domestic routes covered by the agreement, and travelers could accrue mileage in their choice of Azul Fidelidade or Smiles on included routes. CADE’s April 2025 account

Azul said it would honor tickets already issued under the codeshare. Brazil’s Ministry of Ports and Airports published a notice about the partnership’s end on September 26, 2025. Azul’s disclosure; Ministry notice

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How CADE’s proceedings fit in

Brazil’s competition authority, CADE, addressed whether the codeshare had to be notified to the agency. In April 2025, its Superintendent General archived an administrative procedure concerning that notification question. On September 3, CADE’s Tribunal directed the airlines to notify it about the codeshare within 30 days. CADE clarified that the decision was about mandatory notification, not a review of a merger between the airlines. CADE’s April account; CADE’s September account

As Commissioner Carlos Jacques, the case rapporteur, put it in CADE’s English-language report, “it is not about a merger review, but rather the verification of a mandatory notification of the transaction.” The available announcements do not establish that CADE’s notification decision caused Azul and Abra to end their separate business-combination discussions.

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Key dates

  • May 23, 2024: Azul and GOL announced their codeshare.
  • January 15, 2025: Azul and Abra signed a non-binding memorandum concerning a potential business combination involving Azul and GOL.
  • April 2025: CADE’s Superintendent General archived the administrative procedure about the codeshare notification issue.
  • September 3, 2025: CADE’s Tribunal ordered the airlines to notify it about the codeshare within 30 days.
  • September 25, 2025: Azul announced the end of discussions with Abra and the termination of the codeshare, while saying it would honor tickets already issued under the agreement.
  • September 26, 2025: Brazil’s Ministry of Ports and Airports published a notice reporting the codeshare’s end.

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