October 31, 2019 / 12:46 AM / 14 days ago

Peruvian Airlines, Star Peru to merge after purchase by investment fund

SANTIAGO (Reuters) - Peruvian Airlines and Star Perú are set to merge after both were purchased by investment fund Global Investment Platform, the fund said on Wednesday.

The merger would give Global Investment Platform just under one-fifth of the local market, which is currently dominated by LATAM airlines, the region´s largest carrier, the fund said in a statement.

The fund announced late Wednesday it had purchased Star Peru. It had acquired Peruvian Airlines several weeks ago, though Peruvian authorities required that the airline suspend flights amid a dispute over unpaid taxes.

Global Investment Platform said it would invest $150 million so that Peruvian Airlines could resume operations. The fund expects the airline will begin flying again in two or three weeks, according to the statement.

Reporting by Marco Aquino, writing by Dave Sherwood; Editing by Christian Schmollinger

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