Brazilian budget airline Gol has said it is buying its struggling rival Varig for $275m (�140m).The deal will see Gol take on Varig's debt of about $45m, and get access to its routes to the US and Europe as well as valuable slots at Sao Paolo airport.
Once Latin America's largest flagship carrier, Varig almost collapsed under debt last year and was operating under bankruptcy protection.
It re-emerged after being bought by an investment group Volo de Brasil.
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