Hainan Airlines has become single the largest shareholder in Azul Linhas Aéreas Brasileiras after paying $450m for a 23.7% stake in the Brazilian carrier.
Part of the deal will see three new members appointed to the board and Hainan says the investment paves the way for co-operation between the two carriers. This includes developing a global network, code sharing, new route development, a frequent flyer programme and other strategic initiatives.
Adam Tan, Vice Chairman of the Board of Directors and CEO of HNA Group, said “In addition to bringing more choice and convenience to Hainan Airlines’ customers traveling to and from Brazil, we view Azul as a strong and lasting partner for HNA to explore further expansion and capital investment in Latin America. We look forward to working together to create a seamless travel experience between Latin America and China and to deliver further choice, value and excellence to worldwide travellers through our future cooperation.”
David Neeleman, founder and CEO of Azul, said “This $450m investment, demonstrates that we have a winning business model and that Hainan Airlines, as a large investor, has absolute confidence in Azul’s team. We are pleased to have Hainan as a partner as we strive to expand our award winning services throughout the region.”