Hainan Airlines (HU, Haikou) parent, HNA Group, has agreed to acquire global ground-handling and cargo services firm Swissport from French private equity firm PAI Partners for CHF2.73 billion (USD2.82 billion). The transaction is expected to close by year-end subject to customary anti-trust approvals and approval by the Chinese authorities.
“HNA is excited to support Swissport's world class management team as they continue to provide the highest quality service to the airline industry and their passengers. HNA is committed to Swissport’s future success in the global aviation market," Adam Tan, President of HNA Group, said.
PAI Partners bought Swissport International from Ferrovial of Spain for EUR654 million (USD722 million) in 2010. Since then, it has grown the ground-services firm's presence to global proportions by increasing its exposure and developed strong positions in faster growing markets in Latin America, Middle East and Africa.
HNA states that under its ownership, Swissport will continue to expand its global footprint and continue to deliver the highest quality and value-added services to existing and future customers.
