American Airlines has completed its purchase of a 2.68% stake in China Southern Airlines the Chinese carrier has announced.
According to a Hong Kong Stock Exchange disclosure, the sale, which was valued at HKD1.55328 billion Hong Kong dollars (USD199.962 million), closed on August 10. As previously reported, American will also have an observer on China Southern’s board, although they will not hold any voting rights.
During a 2Q17 earnings’ call last month, American’s Executive Vice-President (Corporate Affairs), Stephen Johnson, said the deal’s closure was contingent on a slot-swap between the two airlines.
