Newspaper article International New York Times

Chinese Group Makes Bid for Swiss Airline Caterer

Newspaper article International New York Times

Chinese Group Makes Bid for Swiss Airline Caterer

Article excerpt

The deal would expand the presence of HNA, the owner of Hainan Airlines, in the global aviation services industry.

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 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. …

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