Air New Zealand has sold its remaining 2.5% stake in alliance partner Virgin Australia in a series of off-market transactions.

The carrier disclosed to the New Zealand stock exchange that the sale was to “investors, including Nanshan Group, for a total consideration of A$65.7 million [$49.8 million].”

In August, Air NZ’s chief financial officer Rob McDonald told reporters and analysts that it was seeking to offload the remaining Virgin shares when appropriate.

That follows the sale in June of a 19.9% stake in the Australian carrier to Nanshan, after flagging that it did not intend to hold a large majority stake in the carrier.

No further details on the other buyers of the shares were released, however it is likely that fellow Virgin shareholders Singapore Airlines, Etihad Airways and HNA Group may have taken part.

Source: Cirium Dashboard