LATAM Airlines in $743 Million Secondary Equity Offering

Cleary Gottlieb is representing longstanding client LATAM Airlines Group S.A. (LATAM) in an approximately $743 million public offering by one of its shareholders of 12 million American depositary shares (ADSs), each representing 2,000 common shares of LATAM, at a price to the public of $61.90 per ADS.

The offering priced on February 9, 2026, and closed on February 11, 2026. No shares are being sold by LATAM, and LATAM will not receive any proceeds from the sale of ADSs by the selling shareholder. J.P. Morgan Securities LLC acted as underwriter in the offering.

LATAM, a company formed by the business combination of LAN Airlines S.A. of Chile and TAM S.A. of Brazil, is Latin America’s leading airline group with one of the largest route networks in the world.

The transaction marks the sixth successful secondary equity offering by shareholders of LATAM. Cleary previously represented LATAM in five public offerings, totaling $2.1 billion in secondary offerings in 2025:

• a $370 million public offering by certain of its shareholders of 10 million ADSs in June 2025,
• a $766 million public offering by certain of its shareholders of 18 million ADSs in August 2025,
• a $333 million public offering by one of its shareholders of 7 million ADSs in September 2025, and
• a $676 million public offering by certain of its shareholders of 15 million ADSs in September 2025.

Cleary also previously represented LATAM in its $800 million global bond offering in July 2025, $460 million secondary public offering of 19 million ADSs and concurrent relisting on the New York Stock Exchange, as well as in its strategic partnership with Delta Air Lines Inc. (Delta) in September 2019, pursuant to which Delta acquired a 20% stake in LATAM.

The Cleary corporate team included partner Jorge Juantorena and associates Emily Arndt and Susana Gutiérrez. Partner Matthew Brigham and associates Kathy Zhang and Samuel Makikalli advised on tax matters.