Aerolíneas Argentinas
Cielos del Sur S.A. and Iberia formed a consortium to acquire an 85% stake in Aerolíneas Argentinas in 1990, within the framework of that . Soon afterwards, Cielos del Sur S.A. sold Austral to Iberia. The destiny of both Aerolíneas Argentinas and Austral became aligned thereafter. By July 1998, the company was 10% owned by its erstwhile competitor Aerolíneas Argentinas.