Brazil’s TAM Purchases Pantanal Linhas Aereas SA

Brazil’s leading airline, TAM SA (TAM), said Monday that it has acquired small local airline Pantanal Linhas Aereas SA for 13 million Brazilian reals ($7.3 million).

“The effectiveness of the acquisition of the Pantanal shares is subject to the fulfillment of certain conditions, including, without limitation, the previous authorization by the National Agency for Civil Aviation, or ANAC,” TAM said in a statement.

Pantanal was founded in April 1993 and operates through slots at the busy Congonhas airport in Sao Paulo.