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Hainan Airlines to sell off remaining stake in Azul
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.
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