SAO PAULO, April 22 (Reuters) - Chile’s Latam Airlines Group SA will buy all Multiplus SA’s remaining shares in order to delist its Brazilian loyalty program unit in a 1.2 billion real ($305.36 million) deal, according to a securities filing late on Monday.
Latam Airlines had said in September it would take its unit Multiplus private, aiming to merge it with its Latam Pass loyalty program to boost market share.
Latam’s Brazilian subsidiary TAM SA already owned about 73 percent of the common stock in Multiplus before the tender offer.
As Multiplus did not succeed in buying all its shares in a tender offer concluded in the beginning of April, it will now redeem a remaining 2.79 percent stake. The company will pay 26.84 reais per share.
The investment banking unit of Credit Suisse Group AG is advising Latam in the delisting of its subsidiary.
$1 = 3.9298 reais Reporting by Carolina Mandl; Editing by Bernadette Baum