Chinese conglomerate HNA has agreed to buy the Swiss airline catering company gategroup for 1.4 billion Swiss francs (US$1.5 billion), with gategroup’s management endorsing the offer.
HNA is led by Chinese billionaire Chen Feng, who has scooped a string of aviation assets in recent years, in an attempt to cash in on surging air travel business in Asia, Agence France-Presse reported.
If approved by shareholders, Chen’s acquisition of gategroup will follow HNA’s 2015 purchase of airport servicing firm Swissport for 2.73 billion francs.
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