Brazil's Gol airline announced Wednesday that it will buy Varig, the nation's former flagship carrier, in a cash and stock deal valued at about $275 million.
Gol, the country's No. 2 carrier, said it will also assume about $45 million in debt from Varig, which was Brazil's top airline for decades but virtually disintegrated last year under crushing debt before re-emerging as a much smaller carrier.
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Gol, the country's No. 2 carrier, said it will also assume about $45 million in debt from Varig, which was Brazil's top airline for decades but virtually disintegrated last year under crushing debt before re-emerging as a much smaller carrier.
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