HNA Continues Shopping Spree With USD1 Billion Acquisition of Singaporean CWT
Yicai Global
/SOURCE : Yicai
HNA Continues Shopping Spree With USD1 Billion Acquisition of Singaporean CWT

(Yicai Global) April 10 -- Air China and HNA Holding Group Co. [HKG:0521], an investment arm of the HNA Group, plans to acquire Singapore-based logistics supplier CWT Ltd. [SGX:C14] for USD1 billion.

HNA Belt and Road Investments Singapore Pte., a HNA subsidiary, proposed the purchase of 600 million CWT stocks at SGD2.33 (USD1.66) a share, paying a premium of around 13 percent from the closing price on April 5, HNA Group said.

Established in 1970, CWT is a private subsidiary of the Port Authority of Singapore, which operates in logistics, commodity marketing, financial and engineering services. In its statement, HNA said the company intentionally retained CWT's management team. The acquisition will help the group supplement its existing international platforms and push itself as a global logistics firm, it added.

Over the past year, HNA has acquired a number of companies, averaging almost one a month for a total of more than USD30 billion, with purchases coming quicker and quicker. This incomplete list shows a number of the companies the group has purchased since the start of 2016.

 

In February 2016, the group purchased US-based tech firm Ingram Micro for USD6 billion.

In April 2016, it announced plans to buy Gategroup, a Swiss firm which provides catering for aviation companies, for USD1.5 billion.

Also in April 2016, HNA said it agreed to acquire UK-based International Currency Exchange, one of the world's largest retail currency exchange operators.

Again in April 2016, HNA Tourism Group said it would take a 100 percent stake in Carlson Hotels, and a 51.3 percent stake in Rezidor Hotel Group AB.

In July 2016, the HNA Group acquired Swissport, a ground services provider, for USD2.8 billion.

Also in July 2016, the group bought Avolon, an aircraft leasing group listed in New York, for USD2.5 billion.

In October 2016, HNA's Avolon Holdings agreed to buy CIT Group Inc's aircraft leasing business for USD10 billion.

Again in October 2016, HNA Group bought a 25 percent stake in Hilton Worldwide Holdings Inc. from the Blackstone Group, for USD6.5 billion, making it the firm's largest shareholder.

In March 2017, media reported that the group was looking to buy 245 Park Avenue, one of the most expensive skyscrapers in New York worth USD2.2 billion.

Also in March 2017, the group increased its shareholding in Deutsche Bank to 4.76 percent from 3.04 percent, making it the bank's third largest holder behind the Qatari royal family (10 percent) and BlackRock Inc. (6.1 percent).

Again in March 2017, HNA Group agreed to buy 25 percent of an American asset management firm under UK-based Old Mutual Plc for USD446 million.

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Keywords: HNA , Investment , Singapore