March 15, 2019

HNA Group sells TAP stake

Financially struggling Chinese conglomerate HNA Group has sold a 9% stake in TAP Air Portugal through Atlantic Gateway for $55 million.

More than half of this indirect stake in TAP was sold for $30 million to Global Aviation Ventures, a US-based venture capital fund focussed on the aviation industry, with the balance acquired by Brazilian airline Azul for $25 million.

HNA Group stated that the deal involved sale of a subsidiary called Hainan Airlines Civil Aviation, whose only assets are a 20% stake in Atlantic Gateway, a consortium that holds 45% of TAP.

The Portuguese state owns 50% of TAP, with the remaining 5% of capital held by the airline’s employees.