China’s HNA Group is continuing its global spending frenzy with a 23.7% stake in Brazilian airline Azul.
The carrier said it has sold the stake for $450 million.
HNA will become the largest shareholder in Brazil’s third biggest airline.
Azul also sold a 5% stake to United Airlines for $100 million earlier this year and still plans to go ahead with an initial public offering when economic conditions improve in Brazil.
Azul founder David G. Neeleman said the HNA deal ‘might result in the company entering the Asian market through interline and code-share agreements."
"Considering Brazil’s current macroeconomic situation, it demonstrates that we have a winning business model and that the HNA Group, as a large investor, has absolute confidence in Azul’s team," said Neeleman, who also foun JetBlue Airways.
HNA controls a huge portfolio of airline and hospitality industry assets including major Chinese carrier Hainan Airlines.
Earlier this year HNA Group bought air cargo services and ground handling company Swissport International for $2.8 billion.
