Hainan Airlines Plans to Invest US$450 Million in Azul

China Aviation Daily 

Azul orders 35 A320neo. Brazilian airline complements fleet with A320s for domestic long haul flights

China's Hainan Airlines said in a statement on Thursday that it will inject US$450 million into Brazil's third largest airline Azul, a mover it expects to expand its route network in South America, Africa and Europe.

After the injection, the Haikou-based carrier will become the largest shareholder of the Brazilian airline with a 23.7 percent stake in the airline.

In addition, Hainan Airlines will provide Azul with a loan of US$150 million at a rate of 14.25%, with a maturity of 181 days.

The latest deal is related to the business already reported last year in which Hainan Airlines became a shareholder of the company through an investment of US$450 million.