July 3, 2020 / 12:25 PM / a month ago

Brazilian airline Azul confirms TAP agreement

SAO PAULO, July 3 (Reuters) - Brazilian airline Azul SA confirmed in a securities filing an agreement with the Portuguese government to divest from its stake in Portuguese airline TAP.

Azul said it has sold its indirect 6% stake for around 65 million reais ($12.15 million) and will not exercise rights to convert 90 million euros bonds maturing in 2026 into equity. All the other terms in the bonds are maintained, Azul said.

The transaction will need to be approved by Azul’s shareholders, the filing added. Reuters reported the agreement between Azul and the Portuguese government on Thursday. ($1 = 5.3500 reais) (Reporting by Tatiana Bautzer Editing by Alistair Bell)

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