-
Advertorial
-
FOCUS
-
Guide
-
Lifestyle
-
Tech and Vogue
-
TechandScience
-
CHTF Special
-
Nanshan
-
Futian Today
-
Hit Bravo
-
Special Report
-
Junior Journalist Program
-
World Economy
-
Opinion
-
Diversions
-
Hotels
-
Movies
-
People
-
Person of the week
-
Weekend
-
Photo Highlights
-
Currency Focus
-
Kaleidoscope
-
Tech and Science
-
News Picks
-
Yes Teens
-
Budding Writers
-
Fun
-
Campus
-
Glamour
-
News
-
Digital Paper
-
Food drink
-
Majors_Forum
-
Speak Shenzhen
-
Shopping
-
Business_Markets
-
Restaurants
-
Travel
-
Investment
-
Hotels
-
Yearend Review
-
World
-
Sports
-
Entertainment
-
QINGDAO TODAY
-
In depth
-
Leisure Highlights
-
Markets
-
Business
-
Culture
-
China
-
Shenzhen
-
Important news
在线翻译:
szdaily -> Business_Markets -> 
HNA to float Swiss airline caterer Gategroup
    2018-03-09  08:53    Shenzhen Daily

CHINESE conglomerate HNA Group is seeking a Swiss initial public offering (IPO) for airline caterer Gategroup, raising funds to help tackle its liquidity crunch.

The move is the latest in the aviation-to-financial services conglomerate’s drive to restructure its operations, while raising cash by selling equity and real estate assets.

No valuation was given for the Gategroup flotation, although an issue of new shares will generate 350 million Swiss francs (US$372 million) for Gategroup. HNA will raise money by selling a 65-percent stake.

Gategroup’s CEO Xavier Rossinyol said a valuation would be announced in the next few weeks, adding that he believed it would be “significantly” higher than in the past. HNA paid US$1.5 billion for Gategroup in 2016.

He said Gategroup, which serves 700 million passengers per year, was financially separate from its Chinese owner, which wanted to remain an anchor shareholder.

“From a financial point of view, we have been 100 percent independent from HNA. There has been no financial movement between Gategroup and HNA, no inter-company loans or guarantees,” he said.

HNA wants to list Gategroup in Zurich at the end of the first quarter or during the second quarter of 2018. Gategroup, which employs 43,000 people, was listed in Switzerland before HNA bought it.

Gategroup, which provides catering for Virgin Atlantic, Norwegian and other airlines, increased its revenue by 35 percent in 2017 to 4.55 billion francs, and doubled operating profit to 167.1 million francs.

HNA has been on an acquisition spree in the past two years, including buying stakes in Hilton Worldwide Holdings Inc. and Deutsche Bank.

But the US$50-billion binge has prompted increased scrutiny from regulators and bankers due to announced changes to HNA’s shareholding structure and its use of leverage.

Swiss investigators said in January they were examining the circumstances surrounding HNA’s acquisition of Gategroup after watchdogs raised questions about the transaction.

(SD-Agencies)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn