HNA Group gained 95.3% stake in Gategroup at the close of its 1.4 billion-franc (USD 1.4 billion) offer for the world’s second-biggest airline caterer and expects the deal to be settled before the end of the year.
Payment for the shares is expected to be made toward the end of the third quarter or at the beginning of the fourth quarter and the stock will be delisted thereafter, Gategroup said in a statement Wednesday.
The purchase builds on an acquisition spree by HNA, whose businesses run from airlines to financial services to supermarkets. The Hainan-based Chinese group extended the offer to July 21 after garnering 63.6% of Gategroup shares at the close of the initial acceptance period on July 1 and also scrapped a buy-in requirement of 67%.
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