LATAM Airlines in $676 Million Secondary Equity Offering

Cleary Gottlieb is representing longstanding client LATAM Airlines Group S.A. (LATAM) in an approximately $676 million public offering by certain of its shareholders of 15.51 million American depositary shares (ADSs), each representing 2,000 common shares of LATAM, at a price to the public of $43.60 per ADS.

The offering priced on September 24, 2025, and closed on September 26, 2025. No shares are being sold by LATAM, and LATAM will not receive any proceeds from the sale of ADSs by the selling shareholders. J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC acted as underwriters 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 fourth successful secondary equity offering by shareholders of LATAM in 2025, totaling $2.1 billion in secondary offerings during the year. Cleary previously represented LATAM in 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 and a $333 million public offering by one of its shareholders of 7 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.