HNA Infrastructure, a subsidiary of China's HNA Group, will acquire the stake for close to $20 million and will also pay an additional $315 million into the airport in concession fees.
Changi Airports International (CAI), the international investment subsidiary of Singapore Changi operator Changi Airport Group (CAG), currently holds the remaining 40% stake in RJA, which has a 51% interest in Galeão.
However, HNA Infrastructure has agreed to sell 9% of its stake in RJA to CAI for $2.8 million, so when everything is done and dusted HNA will hold a 51% stake in the consortium and CAI a 49% shareholding.
Galeão is Brazil's second largest international airport and, according to HNA Infrastructure, provides significant access to the Brazilian and Latin American region, with strong potential for future development and growth.
This transaction, which marks HNA Infrastructure's first strategic project in Latin America, is expected to significantly enhance HNA Infrastructure's footprint and resources overseas and inLatin America, specifically.
Guanghui Ma, CIO of HNA Infrastructure, enthuses: "Galeão provides unparalleled opportunities for HNA Infrastructure to expand our reach into Latin Americaand provide added resources to fuel this 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 bolsteringRio de Janeiro'sinfrastructure."
He continues: "This investment is a reflection of HNA Group and HNA Infrastructure's steadfast commitment to furthering 'the Belt and Road' Initiative in order to meaningfully strengthen the co-operation between China and Latin American countries, particularly on development and infrastructure projects.
"We are pleased to be fostering deeper connections between the regions."
The transaction is subject to regulatory approvals in China and Brazil and is expected to close in the fourth quarter.