HNA to acquire Swiss airline catering company for US$1.5bn
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China’s HNA Group, which operates a large portfolio of tourism and aviation businesses, has entered into an agreement to acquire Swiss airline catering company, Gategroup, for approximately US$1.5 billion.
Under the terms of the deal, HNA will pay CHF53 (approx. US$55.60) per share for the company and the deal is expected to close in July 2016.
Headquartered at Zurich Airport, Gategroup operates a collection of brands including GateGourmet, which provides in-flight catering to airlines including BA, Air Canada, American Airlines, Qantas, Iberia, Air China, Air France, Delta, Emirates, Thai Airways and SWISS.
The company also operates lounge services, including SkyTeam’s facility at London Heathrow Airport.
Andreas Schmid, chairman of Gategroups’ board of directors, commented; “It makes strategic sense that our company will become part of HNA, one of the leading providers of airport and aviation services worldwide. HNA has extensive expertise in the aviation industry, and its strong footprint in Asia will help gategroup to expand significantly in this fast growing region, where Gategroup has strategic headroom.”
HNA Group operates multiple airlines in China, including Hainan Airlines, Tianjin Airlines, Lucky Air, Hong Kong Airlines and West Air. It has also invested in several international carriers, including France’s Aigle Azur, Ghana’s Africa World Airlines and Brazil’s Azul.
The deal for Gategroup follows HNA’s acquisition of another Swiss aviation company, Swissport, which it purchased for CHF2.73bn Swiss last year.
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