HNA Infrastructure, a subsidiary of HNA Group, has announced that it has signed an agreement to acquire a 60% stake in Rio de Janeiro Aeroportos S.A. (RJA), which is the controlling shareholder of the Aeroporto Internacional Antônio Carlos Jobim – Galeão (GIG Airport) in Rio de Janeiro, Brazil, from Odebrecht SA.

HNA Infrastructure will acquire the equity stake for approximately BRL60.1 million (US$18.9 million) and will also pay an additional BRL1 billion (US$318 million) into GIG Airport in concession fees, for a total deal value of approximately BRL1.07 billion (US$337 million). 

HNA Infrastructure has agreed to sell 9% of its stake in RJA for BRL9 million (US$2.8 million) to Changi Airports International (CAI). Upon close, HNA Infrastructure and CAI will hold a 51% stake and a 49% 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. 

The transaction is subject to regulatory approvals in China and Brazil and is expected to close in the fourth quarter.  

Guanghui MA, CIO of HNA Infrastructure said:

"GIG Airport provides unparalleled opportunities for HNA Infrastructure to expand our reach into Latin America and provide added resources to fuel this key airport's growth and development. We are pleased to partner with CAI, which is well-known for its extensive experience in global airport management and for its leadership in service and safety standards, and look forward to bolstering Rio de Janeiro's infrastructure."

Guanghui MA continued:

"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."