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• On December 18, 2025, Grupo Viva Aerobus, S.A. de C.V. (“Viva”) and Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (“Volaris”), two leading Mexican low-cost air travel carriers, announced that they have entered into an agreement to create a new Mexican airline group under a holding company structure, with the objective of expanding low-fare travel and connectivity within Mexico and abroad.
• Both Viva and Volaris will maintain their current operations, air operator certificates (“AOC”), and unique brands, preserving existing options for passengers while broadening access to point-to-point travel solutions and lowering fleet ownership costs, resulting in a strengthened financial position. The transaction will deliver significant benefits to passengers, employees, and shareholders. Simultaneously, the new airline group will support investments, jobs, air connectivity, tourism, and economic development across Mexico.
• Upon closing, Viva shareholders will receive newly issued Volaris shares, and each side will own 50% of the combined holding company on a fully diluted basis. The Volaris holding company will transform into Grupo Más Vuelos, S.A.B. de C.V and continue as a publicly traded company on the NYSE and BMV under a new ticker.
• The transaction is subject to customary closing conditions, including receipt of applicable regulatory and shareholder approvals.
• ADS acted as Lead Financial Advisor to Viva in connection with the transaction, advising on strategic considerations, transaction structuring, and execution.
• Viva currently operates 184 routes (140 domestic and 44 international) with its fleet of 99 Airbus A320 family aircraft, serving approximately 30 MM passengers.
• As of 3Q’25 LTM, Viva generated US$2,365 MM in revenue with an EBITDAR of US$873 MM (37% margin).
• Volaris currently operates 225 routes (128 domestic and 97 international) with its fleet of 152 Airbus A320 family aircraft, serving approximately 31 MM passengers.
• As of 3Q’25 LTM, Volaris generated US$2,991 MM in revenue with an EBITDAR of US$990 MM (33% margin). As of the day of the announcement, Volaris had a market capitalization of US$970 MM.
• The new Mexican airline group will operate in 85+ destinations with 320+ routes and 990+ daily flights, while maintaining its commitment to low-cost fares, seamless operations, and customer satisfaction.
• Landmark combination in the Mexican aviation sector, creating the country’s largest low-cost airline group by routes, destinations, and daily flights.
• Strategic advisory role to Viva on a highly complex, cross-border, publicly listed transaction involving NYSE- and BMV-traded securities.
• Reaffirms ADS’ position as the leading independent investment bank in Mexico, trusted by top-tier corporates for strategic and high-impact transactions.
For further information on this transaction, please refer to the Press Release.
