An illustration showing Azul and Gol aircraft over Brazil.
Latin America

Azul and Gol: Together at Last or Separate Paths?

Latin America

Azul and Gol: Together at Last or Separate Paths?

September 2025
13 min read
Gordon Smith and Jay Shabat

Skift Take

To merge or not to merge? That's the question for two of Brazil’s three major airlines. In January, Azul and Gol signed a non-binding deal with "intent to combine their businesses.” Then came a snag. Azul filed for Chapter 11, just one week before Gol exited bankruptcy. Today, the prospect of a Brazilian mega-merger is increasingly uncertain, as we discuss in this week's feature story.

Issue Overview

To merge or not to merge? That's the question for two of Brazil’s three major airlines. In January, Azul and Gol signed a non-binding deal with "intent to combine their businesses.” Then came a snag. Azul filed for Chapter 11, just one week before Gol exited bankruptcy. Today, the prospect of a Brazilian mega-merger is increasingly uncertain, as we discuss in this week's feature story.