China’s Hainan Airlines said it will sell its remaining shareholding in Brazilian airline Azul.
The airline offloaded part of its stake to a United Continental subsidiary earlier this year for $138.3 million.
Its remaining 17.8% stake is worth about $324 million based on Azul’s current market value.
It is a strategic decision to sell, and will not impact the airlines’ planned commercial partnership.
Hainan paid $450 million for a 23.7% stake in Azul two years ago.
Hainan is part of the debt-laden HNA Group which has been selling off stockholdings and assets to reign in ballooning debts after spending billions on acquisitions.
It spent about $50 billion in strategic investments in just two years.
Azul is Brazil’s third-largest carrier.
