United cites connectivity with increased Azul stake

United Airlines has increased its stake in Azul to 8%, citing connectivity with the Brazilian carrier for the move. United bought the shares, which raise its stake by 4.3 percentage points from 3.7%, from Hainan Airlines, Azul and United say jointly. Hainan maintains a 17% stake in Azul. "Following our initial investment in 2015, connecting traffic between our airlines is at an all-time high, significantly benefiting our customers traveling between the US and Brazil," says Andrew Levy, CFO of United. "Azul's strong network in Brazil, unique business model and exceptional customer service make this transaction a good long-term investment." Azul and United have both expressed interest in forming a joint venture, something that's possible with the approval of US-Brazil open skies by the latter country in March. <br/>