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Azul Announces Launch of Secondary Equity Offering
São Paulo, June 27, 2018 - Azul S.A. ("Azul") announced today that it has commenced an offering pursuant to which one of its shareholders, Hainan Airlines Holding Co., Ltd. ("Hainan") is offering to sell 19,379,335 American depositary shares, or ADSs, of Azul in the United States and elsewhere outside of Brazil. Each ADS represents three preferred shares of Azul. The offering represents all of Hainan’s shares in Azul other than one share after formation of the ADSs, which will be disposed of by Hainan following the conclusion of the offering. Following the completion of the offering, Hainan will no longer have the right to appoint any directors to Azul’s board of directors.
The offering is part of Hainan’s strategic plan, which includes capital raising initiatives, selected divestments, as well as investments in airlines and in the aviation services sector. Azul and Hainan do not expect the offering to result in any material change to the strategic plan or commercial relationship between Azul and Hainan.
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