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HNA acquires 61.7% stake in Gategroup

07/08/2016| 5:29:09 PM| 中文

HNA Group has acquired 61.7% of Swiss airline catering company Gategroup and 63.6% voting rights, which is sufficient for its takeover bid.

China’s HNA Group, parent of Hainan Airlines, has acquired 61.7% of Swiss airline catering and logistics services company Gategroup—and 63.6% of the voting rights and shares as of July 1—which is sufficient for its takeover bid.

Under terms of the deal, HNA will pay 53 Swiss francs (USD 54.22) for each share of Gategroup, which has received approval from Gategroup’s board.

HNA said in a statement it is pleased about the interim result and remains confident that more Gategroup shareholders will recognize the benefits of accepting the offer, and therefore tender their shares into the offer during the additional acceptance period.

It is expected the deadline will be at the end of the third quarter or the beginning of the fourth quarter.

HNA Group noted this deal will be helpful as it steps up its international expansion pace and strengthens its capacities in the field of air catering, bringing about synergy effects.

The HNA-Gategroup deal is the latest in a series of overseas acquisitions that Chinese companies have undertaken in recent months. HNA Group announced last month that it would make an investment of AUD 159 million (USD 119 million) to buy a 13% stake in Virgin Australia for AUD 0.3 per share.

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TAGS: Gategroup | Hainan Airlines | HNA Group | airline catering
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