Chile-based LAN Airlines is acquiring 98.942 per cent of Aires’ shares for US$12 million in cash and is assuming Aires’ net liabilities of approximately $100 million, which include $18 million of bank debt.

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The deal calls for LAN Airlines to buy 98.942 per cent of the outstanding shares of AIRES and LAN expects to finalize the purchase in 30 to 60 days.

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In taking delivery of four previously owned 78-seat Q400 turboprops from South Korea’s Jeju Air, the carrier has become the first operator of the Q400 in South America.

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