The minority stake is similar to that of United Airlines, which was approved in January 2026.
Brazilian regulators have approved American Airlines’ minority investment in low-cost carrier Azul.
The $100 million stake is a liquidity lifeline for the low-cost carrier as it works through a transformative year post-Chapter 11 restructuring.
American will hold about 8% of the company post-investment and gain a seat on Azul’s board of directors alongside United Airlines, which holds a similarly sized stake.
American’s investment approval is contingent upon both airlines signing a concentration control agreement, which prohibits sharing of sensitive materials and other restrictions. The deal was first announced in February 2026.
“The solution addresses the identified risks without imposing broader restrictions than those necessary to preserve competition,” says Camila Cabral Pires Alves, commissioner of the Brazilian antitrust regulator CADE.
As fuel spiked earlier this year, Azul dramatically cut capacity in order to “protect liquidity and maintain focus on long-term value creation,” executives said in August.
The American cash infusion adds to R$2.66 billion ($511 million) in long-term financing secured from the Brazilian Development Bank (BNDES) in September. Half of that was drawn down immediately and the other half is expected to be used in the fourth quarter.
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