China's HNA to take stake in Azul

China's HNA to take stake in Azul

Brazil Asia China M&A

China's HNA Group has agreed to buy 23.7% of Azul Brazilian Airlines for $450m, in a deal that makes it the largest shareholder, it said. The agreement gives the Chinese holding company, which owns and operates Shekou-based Hainan Airlines, rights to appoint a new member to Azul’s board. Hainan plans to code share flights with Azul, develop new routes between China and Brazil, and collaborate on airline loyalty programs. Seabury Securities was financial advisor to Azul, while Bravia Ca

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