SAO PAULO, Aug 22 (Reuters) - Brazil’s air taxi service CB Air, owned by Michael Klein, a major shareholder at retailer Via Varejo SA, will buy rival Global Aviation for 38 million reais ($12 million), both companies said in a statement.
The deal means CB Air, founded by Klein three years ago, will increase its fleet to 32 aircraft from 12, and will have combined revenue of 200 million reais next year, the companies said.
CB Air will also take on Global Aviation’s debt, which it is in the process of valuing.
The Klein family owns a 27 percent stake in Via Varejo, which is controlled by Companhia Brasileira de Distribuição , owned by France’s Casino Guichard Perrachon SA .
The family has recently diversified its holdings into real estate in Brazil and the United States, with more than 400 properties worth around 5 billion reais. ($1 = 3.2062 Brazilian reais) (Reporting by Tatiana Bautzer; Editing by Bill Rigby)