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Hainan Airlines offloads remaining stake in Azul
Chinese carrier Hainan Airlines has sold off its remaining stake in Brazilian airline Azul.
The HNA Group-backed Chinese airline has pocketed $306.25 million for the 19.38 million shares which were bought by several US institutional investors.
Hainan Airlines paid $450 million for a 23.7% in Brazil’s third largest airline in 2016 and sold part of its stake to United Airlines earlier this year.
That fetched about $138.3 million.
Hainan’s parent HNA Group has been selling off assets in real estate, aviation and hospitality holdings to reduce its ballooning debt after an acquisition spree totalling about $50 billion.
HNA has since sold off its shareholdings in a number of firms including Hilton Worldwide and NH Hotels Group and last week agreed to sell Radisson Holdings Inc for a reputed $2 billion.
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