China: HNA's M&A spree continues with $1.5b purchase of Swiss Gategroup

China: HNA's M&A spree continues with $1.5b purchase of Swiss Gategroup

Photo: Reuters

China’s HNA Group Co Ltd has agreed to buy Swissairline catering firm Gategroup Holdings for $1.5 billion in cash, as the aviation and shipping conglomerate steps up its global expansion.

The deal adds to a string of overseas acquisitions for privately owned HNA, which include plans announced in February to buy U.S-listed electronics distributor Ingram Micro for $6 billion and the $2.5 billion purchase of Irish aircraft lessor Avolon Holdings Ltd last year.

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