August 21, 2017 / 5:41 AM / in 2 months

China's HNA boosts stake in Swiss airport retailer Dufry

HONG KONG, Aug 21 (Reuters) - Chinese conglomerate HNA Group has completed the acquisition of a 16.2 percent stake in Swiss airport retailer Dufry AG from Singaporean sovereign funds GIC and Temasek, Dufry and HNA said on Monday.

No value for the deal was given, but the stake would be worth about $1.4 billion, given Dufry’s current market capitalisation of $8.5 billion.

The acquisition takes HNA’s total stake in the Swiss group to 20.92 percent, the firms said.

Dufry said the two companies have started to look at possible areas of collaboration, with a view to getting more business from domestic and international Chinese travelers.

HNA said its acquisition of Dufry shares was funded entirely by offshore capital. HNA is now Dufry’s largest shareholder, a person familiar with HNA said. (Reporting by Kane Wu; Editing by Richard Pullin)

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