Martinair and its private Colombian investment partners agreed to sell all-cargo airline Tampa Cargo to Colombian passenger carrier Avianca.

The sale will significantly boost Avianca's belly cargo capacity on domestic and international routes and further strengthen Martinair's global network. In addition to the all-stock sale, Martinair, Tampa Cargo and Avianca are forming a long-term strategic cargo alliance.

"This new alliance opens up tremendous opportunities for Martinair and its new alliance partners by expanding our network and capacity throughout the Americas," said Paul Gregorowitsch, CEO of Martinair, a major shareholder of Columbia-based Tampa Cargo, a major shipper of perishables.

The joint alliance will not affect the current relationship between Martinair and Tampa Cargo, which share sales offices throughout the Americas.

"It's a great move for Avianca particularly," said Robert Booth, chairman of AvMan, a Miami-based consultancy to the airline industry. "It makes them become a model airline along the lines of Lan Chile." Martinair, a combination passenger and all-cargo airline based in the Netherlands, with $1.8 billion in revenue, is expected to benefit as well.

"Martinair has a very good cargo network with business in the U.S. Latin America, Africa and certain parts of Asia and the Middle East," said Satish Jindel, president of the SJ Consulting Group. "This alliance will help that network." The partners say they will first consider the anti-competitive aspects of the alliance partnership before proceeding. They expect the transaction to be finalized in June.

Robert W. Moorman