Chinese conglomerate HNA Group has ramped up its efforts to find a potential buyer for international cargo handler Swissport, as the financial services company looks to recoup most of its $2.8bn investment, according to a Reuters report from last week.
Despite firm interest from a host of prospective buyers, HNA is considering selling Swissport at a discounted price following an extensive merger and acquisition mission by company head, Chen Feng, which resulted in Feng spending more than $50bn on projects in the US and Europe.
US firms Apollo Global Management and Cerberus, as well as Canada’s Brookfield, have already approached HNA with bids, as the company looks to raise at least $2.3bn to pay its outstanding debts accumulated during Feng’s spending spree. – Bjorn Vorster
