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HNA spent nearly 10 billion yuan acquisition of Swiss Air Service Provider

Source:CICCPS Release time:2016/4/20 
China News Agency, Berlin, April 12 Xinhua (reporter Peng Dawei) China Hainan aviation group and is headquartered in Switzerland, the international airline service enterprise gategroup at 12 local time announced that Hainan Airlines will wholly acquire all of the outstanding shares of the latter. The acquisition amount of up to 1 billion 400 million Swiss francs, or about 9 billion 500 million yuan.
Headquartered in Zurich, Switzerland, Gategroup is a global leader in the civil aviation products, services and solutions provider, its iconic business is catering, accommodation and logistics, etc.. Gategroup currently has nearly 30 thousand employees worldwide, in 2015 the total revenue of 3 billion Swiss francs, net profit of 169 million 400 thousand Swiss francs.
Headquartered in Haikou, China, Hainan Airlines is a very active international layout in China in recent years, an aviation group. In Europe, in addition to the direct route exclusive operation in Beijing to Germany and Czech in the capital, but also actively acquire local aviation tourism related enterprises and real estate investment. Only in 2015, Hainan Airlines has acquired the world's largest airline and freight service provider Swissport, Avolon aircraft leasing company, Hainan Airlines also acquired the Reuters headquarters in london.
HNA merger is not limited to European footsteps. At the beginning of this year, Hainan Airlines will spend $6 billion acquisition of the world's largest IT distributor Ingram america.
At the completion of the acquisition of Gategroup, Hainan Airlines will make it from the Swiss stock exchange delisting and as a wholly owned subsidiary of HNA Group operation. The company's headquarters will remain unchanged in switzerland.
At present, the Gategroup board of directors has unanimously approved the acquisition of motion, and suggested that the shareholders of the company also received HNA acquisition motion.
Gategroup Schmid Andreas, chairman of, said the acquisition would make it a part of the world's leading airports and air service providers, which has a strategic significance.
HNA is highly specialized in the aviation industry, and its strong position in Asia will help our company to expand the market in this rapidly growing area." Schmid Andreas says.
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