LATAM Airlines Group Finalizes $742.8M Secondary Offering by Major Shareholder Sixth Street Funds
LTM has more than doubled off its 52-week low of $26.36 on elevated volume (6.5× avg).
Summary
LATAM Airlines Group S.A. finalized a secondary offering of 12 million American Depositary Shares (ADSs) by major shareholder Sixth Street Funds, raising $742.8 million at $61.90 per ADS. The company will not receive any proceeds from this sale, which significantly reduces Sixth Street's stake.
Key Events · Ownership and Investor Activity · LTM
-
Secondary Offering Finalized
LATAM Airlines Group S.A. finalized a secondary offering of 12,000,000 American Depositary Shares (ADSs).
-
Significant Capital Raise for Selling Shareholder
The offering generated $742.8 million for the selling shareholder, Sixth Street Funds, at a price of $61.90 per ADS.
-
Major Shareholder Reduces Stake
Sixth Street Funds' ownership stake will decrease from 17.40% to 13.22% of common shares, representing a divestment of over 24% of their holdings.
-
No Proceeds to Company
The company will not receive any proceeds from this secondary offering, meaning no direct capital infusion for operations or growth.
Analysis · LTM · Energy & Transportation
This 424B7 filing finalizes the terms and pricing of a substantial secondary offering by Sixth Street Funds, a major institutional shareholder. The sale of 12 million American Depositary Shares (ADSs), valued at $742.8 million, represents a significant reduction in Sixth Street's ownership from 17.40% to 13.22% of common shares. This transaction is notable as it constitutes over 24% of Sixth Street's total holdings, indicating a material divestment. The company will not receive any proceeds from this sale, which is generally viewed negatively as it dilutes existing shareholders without providing direct capital to the company. The offering price of $61.90 per ADS was at a discount to the last reported sale price of $64.84 on February 6, 2026. This event follows a preliminary prospectus supplement filed on February 9, 2026, and a 6-K on February 10, 2026, announcing the finalization of the sale, highlighting a rapid sequence of significant ownership changes.
At the time of this filing, LTM was trading at $61.16 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $18B. The 52-week trading range was $26.36 to $70.42. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.