China Eastern Airlines’ parent company has acquired a 7% stake of Juneyao Airlines. The transaction was completed on the 8th of January, 2019.
China Eastern Air Holding, the parent company of China Eastern Airlines, will further invest another CNY3.15 billion for the purchase of shared issued by the company via an individual private placement.
Ultimately, the goal is for China Eastern Air Holding to acquire 15% ownership in Juneyao Airlines.
China Eastern commented on the transaction, sharing that the investment in the company symbolizes a deepened partnership between the two companies and works towards developing Shanghai into an aviation hub.
Source: Flight Global