INTERNATIONAL. HNA today took the final step in its acquisition of gategroup, the Swiss inflight services provider, with the settlement of its offer to shareholders. HNA has now paid the offer price of CHF53 per share to gategroup shareholders.
In April the Chinese travel-to-leisure conglomerate announced an all-cash offer to acquire gategroup, publishing its public tender for all publicly held shares in May.
On a fully diluted basis, the offer price valued gategroup at approximately CHF1.4 billion (US$1.47 billion).
Today, the new Board members Adam Tan (Chairman), Di Xin, Frank Nang, Stewart Gordon Smith and Xavier Rossinyol, who were elected at the extraordinary general meeting of the shareholders on 29 July, assumed their office. With the exception of Frederick W. Reid who was re-elected as a member of the Board of Directors, all incumbent Board members of gategroup have resigned.
The separate trading line for gategroup shares tendered into the offer closed on 20 December. Now gategroup will apply to SIX Swiss Exchange for the delisting of its shares.
HNA Group CEO and new gategroup Chairman Adam Tab said: “This is a great day for HNA and gategroup. It is the culmination of months of hard work and a perfect example of the working relationship we plan to continue in the future. I would like to thank all gategroup employees for helping to make gategroup the success it is today and we look forward to welcoming you all into the HNA family.”
Xavier Rossinyol, CEO of gategroup, added: “After one and a half years under the new strategy, which delivered both financially and commercially, the acquisition by HNA is the right step for gategroup.
“It will take the company to a new level of our strategy of efficiency and growth, especially in the Asia Pacific region. We look forward to strengthening and further developing our business under the guidance of our new shareholder and Board of Directors. The company and its employees are fully committed to keep delivering and thank the current Board of Directors for their support and the new shareholders for their trust. Customers, suppliers and employees all stand to benefit from the close cooperation with our new owners.”
