Chinese carrier Hainan Airlines has sold its final stake in Brazil’s third largest airline Azul for $306 million to a number of US institutional investors.
This folllows on from the HNA Group-owned airline selling part of its stake in Azul in April to a subsidiary of United Airlines’ parent company for $138.3 million.
Hainan Airlines said that the sale would help it optimise its asset structure, maintain good liquidity of assets, and focus on its core business. It paid $450 million for a 23.7 per cent stake in Azul in 2016.
Azul reported its financial results for the second quarter of 2018 earlier this month, and it said that net income adjusted for non-recurring items reached R$238.3m ($61.6 m). In the same quarter in 2017, it made a net loss of R$38.6 million.