Hainan Airlines sells remaining stake in Azul Brazilian Airlines for $306 million

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© Bram Botterman

Hainan Airlines said on Friday it had sold its remaining stake in Brazilian airline Azul SA in a deal that netted it $306.25 million after deducting underwriting fees.

The carrier, part of financially troubled Chinese conglomerate HNA, said in a statement (In Chinese) that it had sold 19.38 million American Depositary shares at $16.15 per unit, equivalent to 58.14 million preference shares, and no longer held any shares in the Brazilian carrier after the deal.

The buyers were a number of U.S. institutional investors who were not connected to Hainan Airlines.

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