Clifford Chance (CC) and Sullivan & Cromwell have taken lead roles on Chilean airline Lan's merger with Brazilian rival Tam.

The deal completed last week (22 June) after nearly two years of negotiations, creating one of the largest airlines in the world with combined revenues of around $14bn (£9bn). With more than 51,000 employees initially servicing around 150 destinations, the merged airline will be known as Latam.

CC advised Tam on M&A, European antitrust and US securities aspects of the deal, with the firm fielding a team led by Sao Paulo corporate finance partner Anand Saha and office head Anthony Oldfield, alongside New York M&A partner Sarah Jones. The magic circle firm worked with Brazilian firms Turci and Machado Meyer, Sendacz & Opice.

New York firm Sullivan took the lead role for Lan, fielding a team led by New York corporate partner Duncan McCurrach and New York based Latin America head Sergio Galvis. Chilean firm Claro & Cia and Brazil's Pinheiro Neto served as local counsel for Lan.

Commenting on the deal, Saha said: "This is an important outcome for the millions of customers Latam airlines group will serve in the years ahead, both in Latin America and internationally. Tam has been a longtime client of our firm and we couldn't be more delighted for its management team, employers and shareholders to see this transaction successfully completed."

The role for CC comes after the firm's Madrid office secured a place on British Airways' new legal panel after the airline's first review since its merger with Spain's Iberia last year. The firm's work for BA will focus on competition issues.