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This article aims to analyze the incorporation of Webjet by Gol, in 2011, from the perspective of the owners of each of the companies, considering the value of the transaction and the gains generated by synergies arising from the operation. The quantitative analysis used the discounted cash flow method to evaluate each companies' value vis-à-vis the amount of the transaction, and the Tobin's q, to verify if there was synergistic gain. The results indicated that (i) Webjet shareholders experienced wealth gain from the transaction and (ii) the transaction did not generate synergistic gains for Gol's shareholders. This article also contributes to the literature by expanding the knowledge applied to the airline incorporations, in addition to adding to the evidence that targeted companies are generally benefited by mergers and acquisitions even in the absence of synergistic gains. [ABSTRACT FROM AUTHOR]