Brazil's Azul invests in TAP Portugal

Brazil's Azul invests in TAP Portugal

Brazil China Europe M&A

Azul Linhas Aereas said it has bought $100m in convertible securities from TAP Portugal as part of an agreement it made last year with the holding company that operates China's Hainan Airlines.The securities can be converted into preferred shares, equal to a 40% economic stake in the Portuguese carrier, said an investor relations representative from Azul. Stemming from last November’s deal between Azul and HNA Group, the Chinese company agreed to buy a 23.7% stake in Azul for $450m under th

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial