Deals
China's HNA to Buy Airline Caterer Gategroup for $1.5 Billion
- Asian company agrees to pay 20% premium for Swiss business
- Deal will add to purchaser's global roster of aviation assets
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Chinese conglomerate HNA Group Co. agreed to buy Gategroup Holding AG, the world’s second-biggest airline-catering company, for 1.4 billion francs ($1.5 billion) as billionaire Chairman Chen Feng continues an acquisition spree targeting aviation-related assets around the world.
Gategroup investors stand to get 53 francs a share plus a previously declared 30 centimes a share dividend, valuing the the Swiss company at about 20 percent more than Friday’s closing price, HNA said in a statement Monday.