MILAN May 26 Intesa Sanpaolo said on
Monday it agreed to sell a stake in Spain's NH Hoteles
for 132.7 million euros ($181.2 million) through a share sale
and purchase agreement with China's HNA Group.
After the transaction is completed, Italy's biggest retail
bank will hold 7.6 percent of the Spanish hotels group, Intesa
said in a statement.
The agreement is between Intesa Sanpaolo on one side and
HNA, parent company of Chinese airline Hainan Airlines
, and its fully-owned special purpose vehicle Tangla
Spain on the other, Intesa said.
The agreement is subject to approval by NH shareholders of a
capital increase, Intesa's subscription to the capital increase,
and HNA obtaining necessary authorisations from Chinese
($1 = 0.7325 Euros)
(Reporting by Isla Binnie, editing by Stephen Jewkes)