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HNA's Gategroup gets Temasek, RRJ investment after failed IPO

07/03/2018| 9:42:06 AM| 中文

The purchase comes after HNA abandoned plans for an initial public offering for the Swiss caterer through which it had sought to raise as much as 1.1 billion francs ($1.1 billion).

Temasek Holdings Pte. and RRJ Capital agreed to invest an unspecified amount in an airline caterer owned by HNA Group, the Chinese conglomerate that’s selling assets after a debt-fueled acquisition spree.

The two investors subscribed to a five-year, mandatory exchangeable bond that will give them a 49% stake in Gategroup Holding AG upon conversion into shares, according to a statement Monday. Richard Ong, founder and chairman of RRJ, will join the board of directors.

The purchase comes after HNA abandoned plans for an initial public offering for the Swiss caterer through which it had sought to raise as much as 1.1 billion francs (USD 1.1 billion). 

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TAGS: Gategroup | HNA | Temasek
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