After several months of rumors and speculations, Avianca announced that it is working with United Airlines to enhance and deepen the companies’ commercial and strategic relationships.

In a statement, the Colombian carrier said that after considering the different offers and plans submitted, the airline has decided to establish a long-term strategic-commercial alliance with United Airlines. The terms and conditions of the alliance are yet to be negotiated.

Synergy Aerospace, the controlling shareholder of Avianca, has announced a $200 million capitalization, while it has proposed the integration of Avianca Holdings and Avianca Brazil into a single entity.

“The recent and consistent improvement in the operational metrics, together with the potential strategic alliance with United and the capitalization proposal of Synergy will strenghten the company for the coming years,” sid Hernán Rincón, President of Avianca.

United, Avianca and Avianca Brasil are members of Star Alliance, a global airline alliance which provides service to 192 countries via 28 member airlines.

“United and Avianca have a long history of partnership through Star Alliance, and we look forward to enhancing our cooperation to provide even better service for our customers,” said Scott Kirby, president of United. “Deepening our relationship allows us to expand on our existing Star Alliance and strategic partnerships in the region as we continue building a great network in Latin America.”