HNA to buy majority stake in Hahn airport in Germany
If deal goes ahead, it will help take the owner of Hainan Airlines take a step closer to becoming one of the world’s top 100 companies
HNA Group, the Chinese conglomerate which owns Hainan Airlines, has agreed to buy a majority stake in Frankfurt-Hahn Airport in Germany for €15 million (US$, as part of its drive to expand its transportation portfolio.
It has signed what parties are both calling a definitive agreement with the Rheinland-Palatinate Ministerial Council to acquire an 82.5 per cent equity interest in Frankfurt-Hahn Airport, according to a statement issued by HNA Airport Group GmbH, a wholly-owned subsidiary of HNA Airport, another subsidiary of the group.
The transaction is expected to close in the second quarter of 2017, subject to certain regulatory approvals, it said.
“Adding a world-class asset and major European cargo hub like Frankfurt-Hahn Airport to our transportation portfolio is consistent with HNA Group’s strategy of enhancing our leading global platform.”
The proposed deal marks the latest in a string of overseas acquisitions by the ambitious privately run Chinese conglomerate which, under the stewardship of chairman Chen Feng, has grown into a group with more than 600 billion yuan (HK$677.9 billion) in assets, as of September last year.
The deal, if it goes ahead, will help take the owner of Hainan Airlines a step closer to becoming one of the world’s top 100 companies.