Viva, the airline backed by the Ryan family of Ryanair fame, is expanding its operations in Central and South America.
The airline already operates in Mexico and Colombia and is now setting up a holding company in Panama called Grupo Viva. The group is reportedly exploring opportunities in Costa Rica, Peru and Ecuador.
The group has ordered 52 new Airbus aircraft as part of the expansion, at a cost of $5 billion, which is the largest aircraft order in Latin American history.
Viva is part owned by Irelandia Aviation, headed by Tony Ryan's son Declan. The company specialises in developing low-cost airlines based on the Ryanair model.
Irelandia Aviation said that it is "very excited about the future development of the Viva brand throughout the region and believe that there is enormous potential to develop and grow the air travel markets there."