HNA Group of China Offers to Buy Gategroup for $1.5 Billion
LONDON — Gategroup Holding said on Monday that HNA Group of China had offered to buy the Swiss provider of catering and logistics services to airlines for 1.4 billion Swiss francs, or about $1.5 billion.
The transaction would expand HNA’s presence in the global aviation services industry.
HNA, which is privately held and began as an airline in 1993, operates in a variety of industries, including aviation, infrastructure and real estate, financial services and tourism. HNA is the owner of Hainan Airlines. A shipping unit of HNA agreed to acquire technology distributor Ingram Micro for $6 billion in February.
Under the terms of the offer, HNA would pay 53 francs a share for Gategroup, representing a 20 percent premium to its closing price on Friday. Shareholders would also receive a previously proposed dividend of .30 francs a share for the financial year ended Dec. 31.
“The offer reflects the fair and adequate value and quality built by Gategroup,” Andreas Schmid, the Gategroup chairman, said in a news release. “It makes strategic sense that our company will become part of HNA, one of the leading providers of airport and aviation services worldwide.”
Gategroup’s board of directors unanimously recommended that shareholders accept the HNA offer.
The offer is contingent on shareholders’ agreeing to sell at least 67 percent of the company’s shares, as well as on regulator approval.
Should the deal be completed, HNA intends to delist Gategroup’s shares from the SIX Swiss Exchange in Zurich and operate it as a portfolio company within HNA.
从海航集团的意向来看，交易完成之后，Gategroup将从苏黎世的瑞士证券交易所(SIX Swiss Exchange)退市，作为海航集团旗下的一家公司经营。
Gategroup would remain independently managed and would retain its headquarters in Zurich, the company said.
Credit Suisse and the law firm Homburger advised Gategroup, while UBS and the law firm Bär & Karrer advised HNA.
此次交易中，瑞士信贷(Credit Suisse)和Homburger律所代表Gategroup，瑞银(UBS)和Bär & Karrer律所代表海航集团。