The largest asset left from the Varig purchase, the Smiles program that today belongs to GOL and is managed by VRG, will be spun off and become another business, owned by the GOL group, and named Smiles S.A. The company is considering an IPO, like the one done by its rival TAM Airlines with its Fidelidade/Multiplus. Below is the company’s release.
“Gol Linhas Aéreas Inteligentes, the largest low cost carrier in Latin America informs that all business related to its frequent flyer program Smiles, currently being done by VRG Linhas Aereas, will be transferred to Smiles S.A, under the control of GOL Linhas Aereas.
As informed previously, the company is considering a possible IPO, but at this point there are no estimate for the IPO, which depends on several factors such as domestic and international equity markets, and legal implications that need to be resolved.
The company informs that for all its clients there will be no changes and that the earning, ticketing and travel with Smiles tickets.