HNA Group acquires 48% stake in France’s Aigle Azur

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HNA Group has acquired a 48% equity stake in Aigle Azur, making the Hainan Airlines parent the second largest shareholder in the French regional airline behind Go Fast Transport.

According to the agreement, Aigle Azur will now be governed by an executive committee of five representatives, including two appointed by HNA.

The Chinese firm will also have the right to select an executive member to serve as vice-president, as well as appointing a deputy chief financial officer.

Under its new ownership structure, Aigle Azur will introduce two widebody aircraft and expand servcies from Paris to Beijing and other destinations, says HNA in a statement.

The deal marks the first time a Chinese aviation enterprise has invested in a European airline, it adds.