HNA Group and Azul form long-term strategic partnership, acquire 23.7% stake

HNA Group and Azul announced (24-Nov-2015) a new strategic partnership under which HNA Group will acquire a 23.7% stake in Azul for USD450 million, aiming to benefit from "substantial" passenger traffic between China and Brazil. Following the stake investment, HNA will be the single largest shareholder of Azul and will appoint new members to the board of directors. Azul is the largest airline in Brazil by number of cities served, offering more than 900 daily services to more than 100 destinations. With a fleet of 145 aircraft Azul operates approximately one-third of the daily departures in the Brazilian aviation market. HNA Group owns the fourth largest airline group in terms of fleet size in China and operates a fleet of 561 aircraft. It operates scheduled domestic and international service on more than 630 routes from locations throughout China and internationally. Azul CEO David Neeleman said the investment makes Azul the airline with the highest valuation in the Brazilian market at more than BRL7 billion (USD1.9 billion). [more - original PR]