Virgin Australia on Tuesday said China's HNA Aviation will buy a major stake, giving a vital cash injection and greater access to the surging Chinese tourism market just as top shareholder Air New Zealand plans to sell out.
The proposed deal will see HNA Aviation, the largest private operator of airlines in China, invest A$159 million (US$114 million) through an equity placement, giving it a 13% stake with plans to go up to 19.99%.
The pair planned to introduce direct flights between Australia and China and co-operate on operations such as frequent flyer programmes, code-sharing and lounge access.
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The proposed deal will see HNA Aviation, the largest private operator of airlines in China, invest A$159 million (US$114 million) through an equity placement, giving it a 13% stake with plans to go up to 19.99%.
The pair planned to introduce direct flights between Australia and China and co-operate on operations such as frequent flyer programmes, code-sharing and lounge access.
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