Azul sells stake to HNA Group

Azul Linhas Aéreas Brasileiras has sold a 23.7% stake to HNA Group for $450 million. The deal follows the airline raising $200 million from the Industrial and Commercial Bank of China in May 2015 to boost capital. Azul also sold a 5% stake to United Airlines for $100 million in June. Plans are understood to be continuing for an initial public offering of the airline once market conditions improve, according to the airline. HNA Group will assume the role of single largest shareholder of Azul, and will appoint new members to the board of directors. Through the partnership, the companies