Deals
HNA's $416 Million Global Eagle Investment Deal Collapses
- Two companies didn’t get regulatory approval before deadline
- HNA subsidiary Beijing Shareco announced deal in November
The HNA building in Beijing.
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HNA Group Co.’s proposed $416 million investment in an in-flight entertainment and Internet-services provider collapsed after the two companies failed to get regulatory approval from the U.S., in the latest setback for the acquisitive Chinese group.
The plan, in which HNA’s Beijing Shareco Technologies Co. would invest in Los Angeles-based Global Eagle Entertainment Inc., was terminated after failing to obtain the go-ahead from the Committee on Foreign Investment in the United States, Global Eagle said in a U.S. regulatory filing late Tuesday. The investment was announced in November.