Hainan Airlines completes USD450m strategic investment in Azul, becomes single largest shareholder

Hainan Airlines announced (04-Aug-2016) it has completed its USD450 million strategic investment in Azul to acquire a 23.7% economic stake in the Brazilian airline, becoming the single largest shareholder of Azul in terms of economic interest. Hainan Airlines will appoint three new members to the board of directors. The investment paves the way for the two airlines to cooperate through the development of global networking synergy, codesharing, new route development, frequent flyer programme, marketing programs and cargo cooperation, as well as other strategic initiatives in the region. HNA Group CEO Adam Tan said the group "view Azul as a strong and lasting partner for HNA to explore further expansion between Latin America and China to deliver further choice, value and excellence to worldwide travellers through our future cooperation." Bravia Capital Partners, which supported Hainan Airlines in the transaction, CEO Bharat Bhise said: "We view Azul as a strong and lasting competitor in the Brazil market. Even in today's macroeconomic climate, we see great potential for Hainan Airlines in Brazil and throughout Latin America." [more - original PR - English/Chinese]