GOL Linhas Aéreas Inteligentes S.A. (BOVESPA:GOLL4) agreed to acquire an additional 47.3% stake in Smiles Fidelidade S.A. (BOVESPA:SMLS3) on October 14, 2018. As part of consideration, Smiles shareholders will receive a combination of GOL preferred shares and GOL redeemable preferred shares at an exchange ratio and terms to be negotiated between GOL's administration and Smiles' independent committee. The creation of GOL redeemable preferred shares will be subject to approval by the current holders of GOL preferred shares.

The transaction is subject to approval of GOL and Smiles' board of directors. As of December 16, 2018, the transaction is rejected by B3 Novo Mercado.