Chinese carrier Hainan Airlines has announced it will sell its remaining stake in Azul, the company said.
The announcement came as the airline´s parent HNA Group continues to divest some of the global investments it has made in recent yearsThe airline will sell its 19.4 million American depositary shares (ADRs) listed on the New York Stock Exchange, a prospectus filed on 27 June shows. The shares are equal to a 17.8% stake of Azul´s preferred shares or a 17.2% economic interest in the airline.
Hainan´s stake is worth $335 million based on the $17.31 per ADR close price on 26 June.
The move will not impact Azul and Hainan´s commercial relationship, the former says.
HNA is working to raise capital following global acquisitions fueled by debt.
Citi, Deutsche Bank and UBS Securities are joint global coordinators, and Itau BBA and Banco Bradesco are joint bookrunners of the ADR sale.
Hainan is the largest civilian-run air transport company, the fourth-largest airline in terms of fleet size in the People´s Republic of China, and fourth-largest airline in Asia in terms of passengers carried.