Cade approves American Airlines' $100 million, ~8% investment in Azul

American Airlines will invest US$100 million in Azul, acquiring roughly an 8% share of the Brazilian carrier, with the transaction approved by Brazil's competition authority, Cade.

The deal gives American the right to appoint one member to Azul's Board of Directors and one to its Strategic Committee, and requires American to leave any board or committee meetings where competitive issues with Azul are discussed, with such exits recorded in the minutes; United Airlines previously increased its stake in Azul from 2.02% to about 8% earlier in the year.