Colombia’s number two carrier, AeroRepublica, is now owned by Panama’s Copa Airlines, which has bought about 85% of its shares. AeroRepublica will retain its brand in a “strategic alliance” with Copa, with significant technology transfers from Copa to AeroRepublica.

Copa bought its shares for an undisclosed sum from US and British investment groups, which also hold shares in Venezuela’s Aeropostal. It is unclear how Copa’s purchase will affect the alliance that Aeropostal unveiled last year with AeroRepublica and other carriers in Central America. The same investor groups that sold their AeroRepublica shares are reported to be interested in selling out of Aeropostal too.

Copa’s final equity stake will depend on how many minority shareholders elect to accept its offer.