Brazil’s GOL and GIB: Major Restructure Plan Leads to Merger and Private Ownership

The Brazilian budget airline Gol Linhas Aéreas Inteligentes SA (GOL) has announced its intention to merge with Gol Investment Brasil (GIB), a privately held entity, transforming into a private company as part of a major corporate restructuring effort.

In a statement released on October 13, 2025, GOL revealed that following the merger, the two companies would operate under a unified name: Gol Linhas Aéreas (GLA).

The goal of this merger is to reorganize operations, achieve operational synergies, and cut down costs.

Upon completion of the merger, GLA will take on all assets and liabilities from both GOL and GIB. Shareholders of GOL will receive new shares of GLA based on a pre-established ratio, while the sole shareholder of GIB will get all shares initially allocated to GIB under identical terms.

According to the airline, “GLA does not plan to register as a public company or securities issuer.” This implies that GIB, as the controlling shareholder, will initiate a public tender offer for share acquisition.

This strategic shift means GOL will transition from being a publicly traded airline to one under private ownership, leading to the delisting of its shares from Brazil’s stock exchange.

This announcement follows GOL’s earlier statement regarding the termination of merger discussions with competitor Azul Linhas Aéreas Brasileiras (Azul) in September 2025.

GOL had viewed a merger with Azul as a pathway to establish Brazil’s largest airline conglomerate and to navigate through financial obstacles, especially after both airlines filed for Chapter 11 for bankruptcy protection. The discussions fell through as there had been little progress or significant dialogue regarding a potential merger over the preceding months.

GOL sought Chapter 11 protection in the U.S. in 2024 due to substantial debt, declining passenger demand, and aircraft delivery delays. Similarly, Azul made its Chapter 11 filing in May 2025, citing comparable financial challenges.