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HNA to Buy Tysan Stake From Blackstone for $340 Million

  • Blackstone's Tides Holdings selling 66% of builder, developer
  • Sale price is 11% more than Tysan's last-traded price
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Chinese conglomerate HNA Group Co. agreed to buy a controlling stake in Tysan Holdings Ltd. for about $340 million to expand in construction and property development, prompting shares of the target company to jump to the highest level in 25 years.

HNA will pay HK$2.62 billion ($340 million), or HK$4.53 a share, to an arm of Blackstone Group LP for a 66 percent stake in Tysan, the construction company said in a filing to the Hong Kong Stock Exchange. The price is about 11 percent more than Tysan’s closing level on March 31. Trading was suspended April 1.