The formal closing of the transaction under which HNA Group is to acquire a stake in Antonio Carlos Jobim International Airport in Rio de Janeiro is expected within 90 days, according to local press reports in Brazil.

HNA is acquiring its stake from Brazilian engineering group Odebrecht, which has been caught up in a major scandal involving bribes to politicians, has been shut out of the debt markets, and is raising cash via a programme of asset sales.

Back in 2013, a consortium of Odebrecht TransPort and Changi International Airport of Singapore won the bidding in the privatization of the airport. They acquired a controlling 51% stake, with the other 49% held by state-owned airport operator Infraero. The three entities together made up the RIOgaleao consortium. The airport is commonly referred to as Galeao.

The airport was then given an extensive makeover in time for the 2016 Olympic Games. Galeao is Brazil's second busiest air hub, handling around 17 million passengers a year. It is located 20 kilometres north of the city. There is also a smaller airport serving Rio, Santos Dumont, which is located close to the city centre.

Photo: Portal da Copa /Governo Federal Brasileiro / Daniel Basil