Volaris and Viva Aerobus Shareholders Approve Merger Forming Grupo Más Vuelos

This article summarizes reporting by Yahoo Noticias and an independent industry research report. The original report is restricted or paywalled; this article summarizes publicly available elements and public remarks.

In a landmark decision for Latin American aviation, shareholders of Mexican ultra-low-cost carrier Volaris overwhelmingly approved a merger with rival Viva Aerobus on March 25, 2026. According to an independent industry research report, the transaction will forge a new holding company named “Grupo Más Vuelos,” effectively consolidating the Mexican domestic aviation market.

The mergers of equals, initially announced in December 2025, is poised to create the country’s largest airline group. Based on industry estimates cited in the research report, the combined entity will control between 70% and 75% of Mexico’s domestic departing seats, decisively overtaking legacy carrier Aeromexico.

While the shareholder vote represents a critical milestone, the formation of Grupo Más Vuelos remains subject to stringent regulatory approvals. We note that the deal will serve as a defining test for Mexico’s newly established antitrust watchdog, the Comisión Nacional Antimonopolio (CNA).

Corporate Structure and Financial Mechanics

Shareholder Vote and Equity Split

The Extraordinary General Shareholders’ Meeting held on March 25, 2026, demonstrated near-unanimous support for the consolidation. According to the provided research report, the assembly achieved a 93.7% quorum, with 91.8% of the outstanding capital stock voting in favor and zero votes against.

To execute the 50/50 merger, Volaris will act as the surviving entity at the holding level. The research data indicates that Volaris will issue exactly 1,078,528,426 new shares to Viva shareholders. Upon closing, both shareholder groups will own an equal 50% stake in Grupo Más Vuelos on a fully diluted basis. The new holding group’s shares will continue trading on the Mexican Stock Exchange (BMV) and the New York Stock Exchange (NYSE).

Leadership and Dual-Brand Strategy

Despite the corporate integration, the airlines will not immediately merge their consumer-facing operations. The research report confirms a dual-brand strategy, meaning Volaris and Viva Aerobus will retain their independent brands, operating certificates, and day-to-day operations.

Governance of the new holding company will be evenly split. A 12-member board of directors will feature six nominees from Volaris and six from Viva. Leadership roles have also been distributed: Roberto Alcántara Rojas, Viva’s current Chairman, will chair the combined group. Meanwhile, Enrique Beltranena and Juan Carlos Zuazua will remain CEOs of Volaris and Viva, respectively.

Market Impact and Fleet Consolidation

Dominating the Domestic Market

The scale of Grupo Más Vuelos will fundamentally alter the North-America aviation landscape. The research report notes that Volaris and Viva currently transport approximately seven out of every ten domestic passengers in Mexico.

The combined fleet will exceed 208 Commercial-Aircraft. According to the sourced data, Volaris brings 117 aircraft with an average age of 7.2 years, while Viva contributes 91 aircraft averaging 8.8 years. Executives from both airlines have publicly stated that the merger’s primary goal is to generate economies of scale, lower aircraft ownership costs, and maintain their ultra-low-cost models to offer affordable fares across the Americas.

Overcoming Supply Chain Headwinds

The consolidation arrives after a turbulent period for the global aviation industry. Throughout 2024 and 2025, both Mexican carriers faced severe supply-chain disruptions. The research report highlights that the Pratt & Whitney engine recalls forced both airlines to ground significant portions of their fleets, driving up operating costs. By merging, the carriers aim to navigate these ongoing supply chain crises jointly rather than competing against one another.

Regulatory Hurdles and Political Climate

The CNA’s First Major Test

Finalizing the merger could take up to a year, as noted by Volaris CEO Enrique Beltranena in the research report. The most formidable obstacle is clearing Mexico’s Comisión Nacional Antimonopolio (CNA), a federal agency established in July 2025 following constitutional reforms.

Industry analysts cited in the report view this transaction as the CNA’s first major test of institutional independence and technical rigor, given the unprecedented market concentration. Furthermore, the deal requires antitrust and foreign-investment clearances from the United States under the HSR Act, Colombia’s civil aviation authority (Aerocivil), and the Mexican Banking and Securities Commission (CNBV).

Presidential Backing

The merger has garnered high-level political support. In December 2025, Mexican President Claudia Sheinbaum publicly backed the deal.

President Sheinbaum publicly expressed optimism about the deal, referring to it as a “special alliance” rather than a monopolistic merger.

, Independent Industry Research Report

According to the research report, Sheinbaum expressed optimism that the consolidation would attract significant investment, enable fleet expansion, and boost tourism, though she acknowledged that the CNA holds the final regulatory authority.

AirPro News analysis

The creation of Grupo Más Vuelos presents a complex scenario for Mexican aviation. While the airlines promise that economies of scale will result in lower fares, a 70% to 75% market share severely limits domestic competition. We anticipate that consumer advocacy groups will closely monitor pricing trends on trunk routes where Volaris and Viva previously engaged in fierce fare wars.

Additionally, this mega-merger forces Aeromexico into a distant second place in the domestic market. Aeromexico will likely need to pivot its strategy, potentially doubling down on premium international traffic and its SkyTeam alliance partnerships, as competing on volume and price against a unified Volaris-Viva entity will be increasingly difficult.

FAQ: Grupo Más Vuelos Merger

What is Grupo Más Vuelos?
It is the proposed new holding company resulting from the 50/50 merger of equals between Mexican ultra-low-cost carriers Volaris and Viva Aerobus.

Will Volaris and Viva Aerobus become one airline?
No. According to the research report, both airlines will operate under a dual-brand strategy, maintaining their independent brands, operating certificates, and day-to-day operations.

When will the merger be completed?
The timeline depends on regulatory approvals. Volaris CEO Enrique Beltranena has indicated the process could take up to a year from the shareholder approval in March 2026.

Who will lead the new company?
Roberto Alcántara Rojas will serve as Chairman of the 12-member board. Enrique Beltranena and Juan Carlos Zuazua will continue as CEOs of Volaris and Viva, respectively.

Sources: Yahoo Noticias, Independent Industry Research Report