Avianca Brasil said to target sale of 20% stake for US$150m

Avianca Brasil is seeking to sell an ownership stake of as much as 20% for more than US$150m, said a person with direct knowledge of the matter. The carrier hired UBS Group to advise on the potential transaction and the sale process has started, said the person. A deal would give the winning bidder access to Avianca Brasil’s new fleet of 41 Airbus aircraft focused on serving business travellers. The airline was the only domestic carrier to increase revenue for each seat flown a kilometre this year, with the key industry gauge gaining almost 21% in the year through July. Avianca Brasil has 11% of the Brazilian market. The airline and Colombia’s Avianca Holdings are seeking separate international partners while maintaining a long-term goal of merging, Jose Efromovich said Sept 21. <br/>