Brazil approves American’s $100 million minority investment in Azul

Goldman Sachs initiated coverage on Azul SA (NYSE:AZUL) with a Neutral rating and $8.10 price target. The airline, trading at $6.55, has improved its balance sheet post-bankruptcy but faces liquidity pressures. Azul reported record Q2 2026 revenue of BRL 5.0 billion, with adjusted EBITDA of BRL 510 million. CADE approved a $100 million investment by American Airlines, granting it an 8% stake.

Brazil's antitrust regulator approved American Airlines' $100m investment in Azul, granting an 8% stake. The deal requires a Merger Control Agreement. Azul previously exited bankruptcy with investments from United Airlines and American.

Azul Linhas Aéreas Brasileiras S.A. secured a R$2 billion loan from the Brazilian Development Bank. The funds will be used to reduce debt and improve liquidity, according to the company.

AZUL SA (AZUL) furnished an SEC Form 6-K — earnings release. Yes ¨ No x Second Quarter Results 2026 Azul Reports 2Q26 Results, Maintaining Capacity Discipline and Positioning for Long-Term Value Creation São Paulo, August 13, 2026 – Azul S.A., “Azul” (B3:AZUL3, NYSE:AZUL), the largest airline in Brazil by number of cities served, announces

CADE’s Office of the General Superintendent approved American Airlines’ plan to buy about 8% of Azul S.A.’s equity as part of Azul’s restructuring. CADE said the deal poses no consumer or competition risks on Brazil-US passenger and cargo routes, found competition remains from other airlines, and cleared it unconditionally. The ruling is final unless the Tribunal reviews or Abra appeals within 15 days.

Brazil’s CADE approved American Airlines’ planned $100M investment in Azul without conditions. American will buy an 8.66% equity stake, with rights to appoint one Azul board member and a strategic committee representative. CADE said expanded codesharing and loyalty benefits are unlikely to harm competition despite some route overlap, and it rejected concerns from Abra Group.