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Beijing (CNS) - - HNA Group, the parent company of Hainan Airlines Co. Ltd, completed its acquisition of a 48 percent stake in Paris-based private airline Aigle Azur on Tuesday.

The deal makes HNA the second-largest shareholder in the airline after France's GoFast Group and marks the first time for a Chinese airline to invest in a European one.

According to the agreement, Aigle Azur will be governed by an executive committee composed of five representatives, two of whom will be named by HNA. In addition, HNA will assign an executive member to be vice president and appoint a deputy chief financial officer.

Aigle Azur's main bases are the Orly and Charles de Gaulle airports in Paris, and it operates international services to 30 countries, including Algeria.

The investment in Aigle Azur is a significant milestone in the internationalization of HNA Group, as well as testimony to the cooperation between the enterprises of China and France, said Tan Xiangdong, from the board of HNA Group.

The French airline will open its route from Paris to Beijing and extend its international flight network.