The deal, which was struck at $450 million (€403 million), makes HNA the largest shareholder of Azul, according to a statement released by the Chinese company.
Last year, HNA's major carrier Hainan Airlines paid €30 million for 25% of TAP's convertible bonds.
In the same month it announced the acquisition for $1.5 billion of Switzerland-based Gategroup Holding, the world's second largest aviation catering business.
Hainan Airlines is to cooperate with Azul with code sharing for flights, the opening of new routes, marketing and transport tariffs, according to the statement.
This week China's Fosun group, which has already invested almost €1.5 billion in Portugal, in the insurer Fidelidade, the healthcare group Luz Saúde and a 5.3% stake in energy grid operator Redes Energéticas Nacionais (REN), announced the acquisition of the Brazilian investment fund manager Rio Bravo. It is also known to be mulling the acquisition of a major stake in BCP, one of Portugal's largest banks.
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