News Content
HNA buys Swiss air travel logistics firm, Gate Group for US$1.5 billion
CHINA conglomerate HNA Group Co is acquire Swiss air travel logistics company, Gate Group Holding AG for US$1.5 billion in a cash offering at a 21 per cent premium of its current share price, after buying Luxembourg's Cargolux, and in February it agreed to buy US technology distributor Ingram Micro Inc for $6 billion.
HNA's annual revenue has grown to $20 billion because of a series of overseas acquisitions, senior executive Hao Wang told the Wall Street Journal.
HNA said it would delist Gate Group from the Swiss stock exchange and allow the company to operate autonomously within the conglomerate.
However, Gate Group would remain based in Switzerland and keep its current management. The company specialises in catering and hospitality and onboard products and services. Last year it recorded total revenue of $3 billion.
The deal requires that 67 per cent of shareholders accept the offer and needs regulatory approval.
HNA's annual revenue has grown to $20 billion because of a series of overseas acquisitions, senior executive Hao Wang told the Wall Street Journal.
HNA said it would delist Gate Group from the Swiss stock exchange and allow the company to operate autonomously within the conglomerate.
However, Gate Group would remain based in Switzerland and keep its current management. The company specialises in catering and hospitality and onboard products and services. Last year it recorded total revenue of $3 billion.
The deal requires that 67 per cent of shareholders accept the offer and needs regulatory approval.
Latest News
- For the first time, tianjin Port realized the whole process of dock operati...
- From January to August, piracy incidents in Asia increased by 38%!The situa...
- Quasi-conference TSA closes as role redundant in mega merger world
- Singapore says TPP, born again as CPTPP, is now headed for adoption
- Antwerp posts 5th record year with boxes up 4.3pc to 10 million TEU
- Savannah lifts record 4 million TEU in '17 as it deepens port
