China’s Hainan Airlines to sell remaining Azul stake
Hainan Airlines is selling the remainder of its stake in Azul Airlines—part of Hainan parent HNA Group's continuing efforts to raise cash and pay down debt. Hainan's stake sits at about 17% following its recent divestiture of about 4% to United Airlines. The deal is expected to net Hainan about US$320m. "The offering is part of Hainan’s strategic plan, which includes capital raising initiatives, selected divestments, as well as investments in airlines and in the aviation services sector," Azul said. "Azul and Hainan do not expect the offering to result in any material change to the strategic plan or commercial relationship between Azul and Hainan." Though Azul did note that “following the completion of the offering, Hainan will no longer have the right to appoint any directors to Azul’s board of directors.” <br/>
https://portal.staralliance.com/cms/news/hot-topics/2018-06-28/unaligned/china2019s-hainan-airlines-to-sell-remaining-azul-stake
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China’s Hainan Airlines to sell remaining Azul stake
Hainan Airlines is selling the remainder of its stake in Azul Airlines—part of Hainan parent HNA Group's continuing efforts to raise cash and pay down debt. Hainan's stake sits at about 17% following its recent divestiture of about 4% to United Airlines. The deal is expected to net Hainan about US$320m. "The offering is part of Hainan’s strategic plan, which includes capital raising initiatives, selected divestments, as well as investments in airlines and in the aviation services sector," Azul said. "Azul and Hainan do not expect the offering to result in any material change to the strategic plan or commercial relationship between Azul and Hainan." Though Azul did note that “following the completion of the offering, Hainan will no longer have the right to appoint any directors to Azul’s board of directors.” <br/>
