October 23, 2012
HNA Group purchases 48% equity interest of France’s Aigle Azur
HNA Group Co., completed the acquisition of a 48% equity interest in France’s Aigle Azur Transports Aeriens, becoming the second largest shareholder of Aigle Azur, after Go Fast Transport, and the first Chinese aviation enterprise to invest in a European airline. Under the agreement, Aigle Azur will be governed by the Executive Committee composed of five representatives, two of which will be named by HNA Group. In addition, HNA Group also has the right to assign an executive member to be the vice president and appoint a Deputy Chief Financial Officer. Aigle Azur will continue to expand routes from France to North and West Africa and other places throughout Africa, integrating resources by utilizing advantages of both parties and building a flight network connecting Asia, Europe and Africa. Other than Aigle Azur, Africa World Airlines (AWA), which was co-invested by HNA and other shareholders in Ghana, and that made a successful maiden voyage on September 21st in Accra, is also committed to create an aviation hub in West Africa.