HNA Group completes acquisition of 16.2% stake in 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. HNA's total stake in the Swiss group will rise to 20.92 per cent, the firms said.