It only took two months months for Air New Zealand to decide who it wants to hand its Virgin Australia shares to, and the winning party is… China’s Nanshan Group.
The Kiwi carrier just scored itself some $230 million in the sale (according to The Sydney Morning Herald), pending regulatory approval of course.
The sale will give Nanshan 19.98 percent stake in Virgin Australia, which when combined with HNA’s recent 13 percent purchase Virgin, means China will own 32.98 percent of the Australian carrier.
Air New Zealand Chairman, Tony Carter, said he believes the Nanshan Group “will be a very strong, positive and complimentary shareholder for Virgin Australia”.
Virgin said in a statement it would meet with the Nanshan Group over the coming weeks to discuss the proposed acquisition.
Regulatory approval and piles of paperwork aside, Air New Zealand can now “focus on its own growth opportunities” and find new ways to spend its $260 million.
Maybe some of its can be used to book Taylor Swift for Air New Zealand’s next safety video.