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|| Chinese HNA Group acquired stake in Swiss firm Dufry

hna-dufryChinese investment firm HNA Group has boosted their stake in Swiss airport retailer Dufry AG to 20.92 percent with a recent acquisition of a 16.2 percent stake valued to be at $1.4 billion.

A Swiss-based travel retailer that was founded in 1865 and headquartered in Basel, Swizerland, Dufry AG has about 2,200 duty-free and duty-paid shops in various locations in more than 60 countries worldwide. (HNA Group was founded in 2000 and is based in Haikou, China. They are involved in industries like aviation, financial services, real estate, tourism, logistics and more.)

HNA Group is listed in the Chinese Private Equity and Venture Capital Directory with the code SE598

More details follow from Reuters:

Chinese conglomerate HNA Group has completed the acquisition of a 16.2 percent 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 $1.4 billion, given Dufry's current market capitalisation of $8.5 billion.

The acquisition takes HNA's total stake in the Swiss group to 20.92 percent, 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 travelers.

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.

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