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Alfaro, Dávila & Scherer is acting as Lead Financial Advisor to Grupo Viva Aerobus, S.A. de C.V. (“Viva”) in connection with its merger of equals with Volaris, a transaction that will create a new Mexican airline group under a holding company structure.
Under the terms of the agreement, Viva and Volaris shareholders will combine their respective holding companies, with each shareholder group expected to own 50% of the new airline group on a fully diluted basis following completion of the transaction. Both airlines will continue operating as separate entities, retaining their existing brands, operating certificates and leadership structures.
The combination is intended to strengthen the financial profile and competitive position of both carriers by creating greater economies of scale, lowering fleet ownership costs and improving access to capital. The new group is also expected to support further investment in fleet, technology, infrastructure and connectivity, while preserving the ultra-low-cost operating models that characterize both Viva and Volaris.
The transaction is also designed to broaden access to affordable air travel in Mexico and international markets. By maintaining their separate brands and operations, Viva and Volaris aim to preserve existing passenger choice while exploring opportunities to enhance distribution, connectivity and point-to-point travel options.
The Boards of Directors of both companies unanimously approved the transaction, which remains subject to regulatory approvals, customary closing conditions and shareholder approvals. The transaction was announced with an expected closing in 2026.
Alfaro, Dávila & Scherer is serving as financial advisor to Viva alongside UBS Investment Bank, supporting the company in connection with the structuring and execution of this strategic transaction.
