HNA Infrastructure, a subsidiary of HNA Group, has signed an agreement to acquire a 60 percent stake in Rio de Janeiro Aeroportos S.A., which is the controlling shareholder of the Aeroporto Internacional Antônio Carlos Jobim – Galeão in Rio de Janeiro, Brazil, from Odebrecht SA.
HNA Infrastructure will acquire the equity stake for approximately 60.1 million reais ($19 million) and will also pay an additional 1.01 billion reais into GIG Airport in concession fees, for a total deal value of approximately 1.07 billion reais.
HNA Infrastructure has agreed to sell 9 percent of its stake in RJA for 9 million reais ($2.8 million) to Changi Airports International. Upon close, HNA Infrastructure and CAI will hold a 51 percent stake and a 49 percent stake in RJA, respectively.
GIG Airport is the largest international airport in Rio de Janeiro and provides significant access to the Brazilian and Latin American region, with strong potential for future development and growth. This transaction, which marks HNA Infrastructure's first strategic project in Latin America, is expected to significantly enhance HNA Infrastructure's footprint and resources overseas and in Latin America, specifically.
"This investment is a reflection of HNA Group and HNA Infrastructure's steadfast commitment to furthering 'the Belt and Road' Initiative in order to meaningfully strengthen the cooperation between China and Latin American countries, particularly on development and infrastructure projects. We are pleased to be fostering deeper connections between the regions," said Guanghui MA, CIO of HNA Infrastructure.
The transaction is subject to regulatory approvals in China and Brazil and is expected to close during the fourth quarter 2017.