French conglomerate Weaving Group has announced it has sold its 32% stake in Aigle Azur (ZI, Paris Orly) to US aviation entrepreneur, David Neeleman, for an undisclosed sum.

"Our requirement in the selection of the new partner was twofold: on the one hand, to give the company new ways to start a new chapter in its history, and on the other hand, to entrust it to a new shareholder who knows the sector and who will be able to sustain the business. These conditions have now been met," the President of Weaving Group, Meziane Idjerouidene, said in a statement.

Aigle Azur is one of France's largest carriers and counts China's HNA Group and French firm Lu Azur S.A as its other shareholders with 48% and 20% respectively. It operates scheduled passenger flights from France to destinations in Germany, Portugal, Russia, Algeria, Senegal, and Mali.

For his part, Neeleman has co-founded four commercial airlines, Morris Air, WestJet, jetBlue Airways, and Azul Linhas Aéreas Brasileiras. He is also involved in the Atlantic Gateway consortium which holds a minority stake in TAP Air Portugal.