Air New Zealand (NZ, Auckland International) says it has completed its divestiture from Virgin Australia Holdings after it sold its remaining stake for AUD65.7 million (USD49.4 million).
The carrier said in its monthly update to the New Zealand bourse that the sale was an off-market transaction with investors including China's Nanshan Group.
Nanshan Group acquired a 19.98% stake in Virgin Australia from Air New Zealand in June for AUD232.6 million (USD172.4 million). Given the shareholding resizing, Air New Zealand was left with approximately 2.5%.
Earlier this year, Air New Zealand’s Chairman, Tony Carter, said his airline did not want to retain a large minority stake in Virgin Australia (approximately 26% at its peak) given the New Zealanders' plans to focus on their carrier's own growth opportunities.
