Azul Linhas Aéreas Brasileiras (AD, São Paulo Viracopos) has acquired USD100 million worth of securities in TAP Portugal (Lisbon) which can be converted into preferred shares equivalent to a 40% stake in the Portuguese carrier. The conversion is dependent on approval from the Portuguese civil aviation authority (Autoridade Nacional da Aviação Civil de Portugal - ANAC).
The investment is one of the terms of Azul's USD450 million agreement with HNA Group announced late last year which gave the Chinese conglomerate a 23.7% stake in the Brazilian LCC.
"Azul believes that this investment strengthens the common interests between itself, TAP and the HNA Group and opens up additional opportunities to further explore trade agreements, joint negotiations, fleet optimization partnerships, and provides global job and career possibilities for crew," it said.
As part of its assistance to TAP, Azul will sublease seventeen aircraft to the Portuguese carrier including A330-200s, E190s, and ATR72-600 turboprops.
