HNA Group acquires 100% equity interest in Swissport

HNA Group and PAI Partners SAS (“PAI Partners”), a private equity fund, have signed an acquisition agreement in relation to the acquisition of 100% equity interest in Swissport Group, one of the world’s largest ground services and cargo handling services provider in Zurich. The total transaction value was approximately CHF2.7bn (approximately RMB17.5bn). The acquisition is expected to enable HNA to optimise its existing aviation, airport, logistics and tourism services. Swissport provides airport ground and cargo handling services for approximately 700 airline clients around the world. With business spanning 270 airports in 48 countries, the company provides ground services to approximately 224 million passengers and handles approximately 4.10 million tonnes annually. It has 60,000 staff, with an annual turnover of approximately CHF3bn. Swissport will remain a stand-alone business after joining HNA Group.