Embattled Chinese conglomerate HNA Group Co. has agreed to sell control of its tech outsourcing unit to China Electronics Corp. in a deal valued at about $750 million, people with knowledge of the matter said.
State-owned China Electronics signed an agreement with HNA this week on the purchase of Pactera Technology International Ltd., according to the people, who asked not to be identified as the information is private. The sale of Pactera had attracted interest from other suitors, including Digital China Group Co. and Tech Mahindra Ltd.
HNA has been offloading assets from hotels to a container unit to pay down debt. It was weighing a sale of its majority stake in oil storage and logistics business HG Storage International Ltd., Bloomberg News reported in March. It was also considering to revive a sale of its container-leasing business Seaco, people familiar with the matter have said.
The Chinese conglomerate’s ownership of Pactera dates back to 2016, when it agreed to buy the company from Blackstone Group LP for about $700 million. Pactera has had funding difficulties in the past, illustrating how HNA is struggling to cope with the debt burden amassed during a $40 billion takeover spree.
A representative for HNA declined to comment, while a representative for China Electronics didn’t immediately respond to requests for comment.