Hainan Meilan International Airport in China said it will spend RMB2.2bn ($322m) to acquire a majority stake in the domestic Hainan Airlines Airport in Hainan, which will give it part ownership of the Sanya Phoenix International Airport.
Meilan International Airport will acquire a 54.5% stake in the airport, and will indirectly hold a 67% stake in Sanya Phoenix International Airport as a result.
The company will purchase a 30% stake in Hainan Airlines Airport from parent Hainan Airlines Group and a 24.5% stake from an investment firm.
After the acquisition, Hainan Meilan International Airport will integrate all eight airports owned by Hainan Airlines Airport, including Manzhouli Airport, Sanxia Airport, Yongan Airport, Sanya Phoenix International Airport and four airports in the Gansu province.
Meilan International Airport will pay part of the acquisition price in cash and part by means of bank loans and share issuance, according to TradingMarkets.com.