HNA Infrastructure Co Ltd, a subsidiary of HNA Group, a global Fortune 500 company focused on tourism, logistics and financial services, has signed an agreement to acquire a 60 percent stake in Rio de Janeiro Aeroportos SA, the controlling shareholder of Aeroporto International Antonio Carlos Jobim-Galeao (GIG Airport) from Odebrecht SA.

HNA Infrastructure will acquire the equity stake for approximately 60.1 million reais ($18 million) and will pay an additional 1.01 billion reais to GIG Airport in concession fees, for a total deal value of around 1.07 billion reais, according to Guanghui Ma, CIO of HNA Infrastructure.

Ma said HNA Infrastructure has agreed to sell 9 percent of its stake in RJA for 9 million reais to Changi Airports International, with HNA Infrastructure and CAI holding 51 percent and 49 percent stakes in RJA, respectively.

"GIG Airport is the largest international airport in Rio de Janeiro and provides significant access to the Brazilian and Latin American region, with strong potential for future development and growth. The transaction, which marks HNA Infrastructure's first strategic project in Latin America, is expected to significantly enhance HNA Infrastructure's footprint and resources overseas, especially in Latin America," said Ma.

He noted that GIG Airport provides unparalleled opportunities for HNA Infrastructure to expand its reach into Latin America and provides added resources to fuel the key airport's growth and development.

"We are pleased to partner with CAI, which is well-known for its extensive experience in global airport management and for its leadership in service and safety standards, and look forward to bolstering Rio de Janeiro's infrastructure," Ma said.

"The investment is a reflection of HNA Group and HNA Infrastructure's commitment to furthering the Belt and Road Initiative in order to strengthen the cooperation between China and Latin American countries, particularly on development and infrastructure projects," said Li Renjun, a professor of industrial economy at Hainan University.

The transaction is subject to regulatory approval in China and Brazil and is expected to be completed in the fourth quarter, according to company sources.

China recently surpassed the European Union to become Brazil's largest export market. China is now a leading foreign investor in Brazil.