HNA sells 100% of gategroup

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HNA sells 100% of gategroup

gategroup Holding AG, the world's largest provider of airline catering and retail on board, announced today that RRJ Capital has agreed to purchase all outstanding shares in gategroup from HNA Group. Upon completion of the transaction, RRJ Capital will become gategroup's sole shareholder and Temasek will remain invested in gategroup through a mandatory exchangeable bond.

The completion of the transaction is expected to occur in April.

Richard Ong, Founder and Chairman of the RRJ Capital and member of gategroup's Board of Directors said: "Today marks another milestone for RRJ Capital and Temasek and is a natural next step following from our initial investment in the company in 2018. Over the past three years gategroup has, thanks to its strong management team, made swift progress on the implementation of their successful Gateway 2020 Strategy. We look forward to supporting their growth aspirations."

Xavier Rossinyol, CEO of gategroup said: "We are absolutely delighted to work with RRJ Capital and Temasek going forward as they contribute their expertise, network and growth track record to gategroup. We are pleased that two reputed global investors have recognized the value in gategroup and our future growth potential. gategroup has made significant progress thanks to the excellent support of the HNA Group leadership team and the guidance of Chairman Adam Tan. We are grateful for their support in progressing our Gateway 2020 strategy which we defined in 2015 and has allowed us to achieve exceptional performance for the fourth consecutive year, including an all-time high in revenue and EBITDA in 2018," he continued.

This press release was sourced from gategroup on 29-Mar-2019.