New | HNA boosts global ambitions with one of China's largest deals for cargo handler Swissport
Unit Bohai Leasing makes offer to buy Irish rival Avolon for US$2.55 billion
HNA Group is making aggressive moves to build an international transport empire with back-to-back deals from Switzerland to Ireland.
After its 2.7 billion Swiss franc acquisition of global air cargo handler Swissport on Thursday, on Friday night HNA unit Bohai Leasing made an offer to buy Irish rival Avolon for US$2.55 billion – a 55 per cent premium over its December initial public offering.
The offer comes just two weeks after Bohai Leasing agreed to buy a 20 per cent stake in Avolon at US$26 per share for US$429 million.
Avolon said it was considering Bohai’s revised US$31 per share offer and a US$30 per share bid from an unidentified bidder and was in contact with both parties.
Bohai offered to buy the whole company when it was informed of the third party bid.
“Avolon’s board of directors has not accepted or rejected either offer and continues to carefully evaluate these … and has authorised its financial advisors to continue negotiations with both,” Avolon said.
The purchase would boost HNA’s access to a global aircraft leasing market dominated by GE Capital and AerCap Holdings.