Friday, August 5, 2016

Hainan Airlines takes the 23.7% of stake in Brazil’s Azul


HNA Group subsidiary Hainan Airlines has completed a deal for a 23.7% stake in Brazil’s Azul Airlines, with a $450 million investment.
Haikou, China-based Hainan is also expected to appoint three members to Azul’s board. According to a company statement, both carriers will also cooperate to develop a global networking synergy in the fields of codesharing, new route development, frequent flyer program, marketing programs and cargo.
Moreover, the two airlines are expected to benefit from the substantial passenger traffic increase between China and Brazil.
As Brazil’s third largest airline, Azul operates more than 800 daily flights that account for one-third share of the Brazilian air transport market in terms of daily departures to over 100 destinations with a fleet of 136 aircraft.
“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 travelers through our future cooperation,” HNA Group vice chairman and CEO Adam Tan said in a statement.
Azul founder and CEO David Neeleman said: “This $450 million investment demonstrates that we have a winning business model and that Hainan Airlines, as a large investor, has absolute confidence in Azul’s team.”
In May, HNA Group announced plans to invest A$159 million ($114 million) to buy a 13% stake in Virgin Australia.
ATWOnline

No comments:

Post a Comment