HNA’s Sell-Off of Assets Continues with its $4 Billion Stake in Ingram Micro
Posted Wednesday, August 28, 2019 at 11:37am
On August 26, it was reported that a consortium led by Asian private equity group RRJ Capital was nearing an agreement to acquire HNA Group’s $4 billion controlling stake in U.S. electronics distributor Ingram Micro. Since 2017, HNA – a private Chinese conglomerate – has engaged in an asset sell-off due to high debt levels and criticism by the central government of companies acting outside of their core line of business. Earlier this year, RRJ Capital also purchased HNA’s position in Swiss airline caterer Gategroup. Other recent deals contributing to the sell-off included Cindat Capital Management and Oaktree Capital Management’s joint acquisition of 30 South Colonnade, an office building in London that HNA had bought for $272.4 million in 2015. |