American Airlines (AA, Dallas/Fort Worth) has completed its purchase of a 2.68% stake in China Southern Airlines (CZ, Guangzhou) 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.
Following that disclosure, American this week informed the US Department of Transportation (DOT) that it had now been able to secure suitable take-off and landing slots at Beijing Capital ahead of the planned launch of daily Los Angeles International-Beijing flights on November 5, 2017. Slots at Beijing are for 1620L (arrival) and 1830L (departure).
