HNA Group made an all-cash offer to buy Zurich-based gategroup Holding AG for 53 Swiss francs ($55.40) a share, a 21% premium to its Friday closing price, according to a statement Monday.
The conglomerate has been aggressively expanding its reach in the aviation and logistics industry outside China. The deal marks HNA's second major planned overseas acquisition this year, after it agreed to buy U.S. technology distributor Ingram Micro Inc. for about $6 billion in February.
The acquisitive Chinese company, based in southern Hainan province, evolved from marine shipping into operations that include transportation, logistics, tourism, banking and insurance. Its annual revenue has grown to more than $20 billion due to a series of overseas acquisitions, senior executive Hao Wang told The Wall Street Journal last month.
HNA made its first splash in Switzerland last July by acquiring the air cargo company Swissport Group for $2.8 billion. The company's other overseas forays include a $2 billion purchase of Irish aircraft leasing firm Avolon Holdings Ltd., and stakes in foreign airlines such as Aigle Azur and ACT Airlines Inc.
HNA intends to delist gategroup from the Swiss stock exchange and allow the company to operate autonomously within the conglomerate. The company will remain based in Switzerland and keep its current management team.
The deal requires that 67% of shareholders accept the offer and needs regulatory approval.
Gategroup specializes in catering and hospitality and onboard products and services. In 2015, gategroup recorded total revenue of around $3 billion.
Source: Wall Street Journal by Kane Wu
from China Travel & Tourism News http://ift.tt/1iB6EFm
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