It’s official. PAI Partners, which acquired Zurich-based Swissport in 2010, will sell the cargo-handling firm to HNA Group of China, making this the fifth-largest acquisition of a European firm by a Chinese company. Swissport will remain as a stand-alone business within HNA Group, which owns China’s fourth-largest airline, Hainan Airlines.
The purchase price is US$2.81 billion, just under the $3 billion PAI Partners was looking for. The transaction is still subject to regulatory and antitrust approvals by the appropriate authorities. PAI acquired Swissport for more than $900 million. Swissport, which is present in 48 countries, handles approximately 4 million tonnes of cargo each year at 269 airports.
HNA has 14 subsidiaries in its aviation family. Its holding company includes real estate development, retail management, airport management and a financial investment unit. The deal is anticipated to close at the end of the year.
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