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HNA Group to sell stake in Hong Kong firm to Blackstone for $894 mln

Sunday, March 10, 2019


(Reuters by Sijia Jiang) - China’s HNA Group is selling a controlling stake in its Hong Kong-listed construction firm to Blackstone Group for HK$7.02 billion ($894.31 million), according to a regulatory filing, the latest asset disposal by the embattled Chinese conglomerate.

Hong Kong International Construction Investment Management Group said in a filing late on Friday that Times Holdings II Ltd, a company controlled by Blackstone, has agreed to buy all the shares owned by HNA Group’s finance arm HNA Finance I, or 69.54 percent of the firm.

The purchase price represents HK$3 per share, a 14.5 percent premium over Hong Kong International Construction’s Friday closing price of HK$2.62. Blackstone has also offered to purchase the remainder of the shares in the market at the same price for a maximum of HK$3.7 billion, in compliance with exchange rules, though it does not intend to privatise the company, according to the same filing.

 

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