In one of the largest overseas acquisitions by a Chinese company this year, HNA Group is expected to sign a deal to acquire Swiss baggage-handler Swissport for 2.73 billion Swiss Francs (about 17.5 billion Yuan).
Swissport employs more than 60,000 people and reports annual revenues of about 3 billion Francs. The company may be the more recognizable Western brand so far to be taken over by a Chinese company. Swissport provides baggage-handling and cargo services to more than 700 aviation customers.
The company was previously acquired by Zurich-based PAI Partners in 2010 for more than 900 million U.S. Dollars.
HNA Group holds assets worth over 450 billion Yuan, including Hainan Airlines and shipping container giant Seaco.
Source: inews.qq.com
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Keywords: HNA acquires Swissport Swissport China China HNA Group
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