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China's HNA buys 16.2% stake in Swiss airport retailer Dufry from GIC, Temasek
[HONG KONG] Chinese conglomerate HNA Group has completed the acquisition of a 16.2 per cent stake in Swiss airport retailer Dufry AG from Singaporean sovereign funds GIC and Temasek, Dufry and HNA said on Monday.
No value for the deal was given, but the stake would be worth about US$1.4 billion, given Dufry's current market capitalisation of US$8.5 billion.
The acquisition takes HNA's total stake in the Swiss group to 20.92 per cent, the firms said.
Dufry said the two companies have started to look at possible areas of collaboration, with a view to getting more business from domestic and international Chinese travellers.
HNA said its acquisition of Dufry shares was funded entirely by offshore capital. HNA is now Dufry's largest shareholder, a person familiar with HNA said.