Chinese conglomerate HNA Group, which owns ground handler Swissport, is to take a 23.7% strategic stake worth $450m in Azul Brazilian Airlines.
HNA Group now becomes the single largest shareholder of Brazil’s third largest airline and will appoint new members to the board of directors.
HNA, owner of China’s fourth-largest airline, Hainan Airlines, aims to benefit from substantial passenger traffic between China and Brazil, which are strong global trade partners.
Azul is the largest airline in Brazil by number of cities served, offering more than 900 daily flights to more than 100 destinations. With a fleet of 145 aircraft Azul operates approximately one-third of the daily departures of the Brazilian aviation market.
HNA Group owns China's fourth largest airline group in terms of fleet size with a fleet of 561 aircraft.
It operates scheduled domestic and international service on more than 630 routes from locations throughout China and internationally.
Earlier this month, Brussels regulators approved the Sfr2.73bn acquisition of Swissport by HNA.
