Claro & Cía and Cleary Gottlieb represent LATAM Airlines’ secondary share sale
Chilean Claro & Cía and Cleary Gottlieb advised LATAM Airlines Group to complete its fifth secondary share sale since emerging from Chapter 11 restructuring, raising approximately US$676 million. With this latest deal, the company’s secondary sales in 2025 total about US$2.645 billion.
The transaction involved the sale of 7 million American Depositary Shares (ADSs), equivalent to roughly 5.1% of LATAM’s equity. Taken together with earlier transactions this year, nearly 23.6% of the company’s outstanding shares have changed hands. LATAM, a company formed by the business combination of LAN Airlines of Chile and TAM of Brazil, is Latin America’s leading airline group with one of the largest route networks in the world.
JP Morgan and Goldman Sachs acted as joint bookrunners for the offering.
Legal advisory was provided by Claro & Cía., which supported LATAM in structuring, designing, and executing the deal.
The transaction marks another step in LATAM’s ongoing efforts to stabilize and strengthen its financial position following its emergence from U.S. Chapter 11 bankruptcy proceedings.
The Cleary corporate team included partner Jorge Juantorena and associates Emily Arndt and Nicole Mueller. Partner Matthew Brigham and associate Kathy Zhang advised on tax matters. All lawyers are based in New York.
Claro y Cía’s team was led by partners José María Eyzaguirre B.(pictured left), José María Eyzaguirre F.(pictured center left), José Luis Ambrosy(pictured center), and Nicolás Maturana (pictured right), along with associate Matías de Marchena F.