China-based HNA Infrastructure has signed an agreement to purchase a 60% stake in Rio de Janeiro Aeroportos (RJA), the controlling shareholder of Tom Jobim International Airport (GIG Airport) in Brazil.
A subsidiary of HNA Group, the Chinese company is focused on providing tourism, logistics, and financial services to its customers.
The company will acquire the equity stake from Brazilian conglomerate Odebrecht for approximately R$60.1m ($18.88m).
It will also pay an additional R$1.01bn ($317.3m) into the airport in concession fees, for a total deal value of close to R$1.07bn ($336.2m).
The company has currently agreed to divest 9% of its stake in RJA to Changi Airports International (CAI), an investment subsidiary of Singapore’s Changi Airport Group, for R$9m ($2.82m).
After the transaction, HNA Infrastructure will hold a 51% stake and CAI will own a 49% stake in RJA.
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HNA Infrastructure chief information officer Guanghui MA said: “GIG Airport provides unparalleled opportunities for HNA Infrastructure to expand its 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.”
Subject to regulatory approvals both in China and Brazil, the transaction is expected to close in the fourth quarter of this year.