Travers Smith has advised Integral Acquisition Corporation 1 on the English law aspects of its deSPAC transaction with Flybondi, the first and largest low-cost airline in Argentina.

Flybondi has served more than nine million passengers since its launch in 2018. Currently, Flybondi holds a 20% market share in Argentina’s domestic air travel segment. With operating bases in Ezeiza and Aeroparque airports in Buenos Aires, Flybondi currently serves 20 destinations across Argentina and Brazil.

The planned transaction, structured as a share exchange and a subsidiary merger (the “Business Combination”), has been approved by the boards of directors of both Integral 1 and Flybondi, and is expected to close during the first half of 2024, subject to regulatory approvals, the approval by the stockholders of Integral 1 and the shareholders of Flybondi, and the satisfaction of certain other customary closing conditions, including the review by the U.S. Securities and Exchange Commission (SEC) of the proxy statement/prospectus relating to the proposed Business Combination and the listing approval by Nasdaq.

The Travers Smith team on this transaction was led by our Head of Corporate M&A and ECM Andrew Gillen and Corporate Partner Tom Coulter, and included Associates Jonathan Fritz and Sylvia Mueller. Tax advice was provided by our Head of Tax Russell Warren and Senior Associate Kaleem Khan; and Incentives & Remuneration advice by Senior Counsel Elissavet Grout and Associate Natalie Paddock.

Travers Smith worked alongside New York-based Ellenoff Grossman & Schole and Argentinian firm Beccar Varela on this deal.