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China's HNA Aviation to buy Virgin Australia stake; Air NZ plans to sell out
Add BT as a preferred sourcePublished Tue, May 31, 2016 · 09:50 PM
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Sydney
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 (S$158.6 million) through an equity placement, giving it a 13 per cent stake with plans to go up to 19.99 per cent.
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