HNA to buy 23.7% stake in Brazil's Azul for $450m

Chinese conglomerate HNA Group is expanding its global footprint by acquiring a 23.7 percent stake in Azul Brazilian Airlines, the third-largest carrier in Brazil, for $450 million.

Following the stake deal, HNA will become the largest shareholder in Azul and also have a seat on the board of the Brazilian carrier. The two sides will cooperate on flights, new routes and frequent flyer plans in the future, according to a statement from HNA.

Azul has 145 aircraft flying to more than 100 destinations in Brazil and the United States.