The Synergy Group-Oceanair from Brazil acquired from Federación Nacional de cafeteros 25% of the outstanding capital of Avianca, the largest Colombian airline, which on December 2004 successfully emerged from Chapter 11.

With this acquisition Synergy group-Oceanair acquires control over more than 98% of the outstanding capital of Avianca. Federación Nacional de Cafeteros had agreed its exit through a put option given by the Synergy Group. Synergy Group-Oceanair agreed to pay USD 23 million for the stake sold.

The Federación Nacional de Cafeteros is a Colombian non-profit entity which represents more than 566.000 coffee producers in colombia.

December 2005

Claudia Barrero