HNA exits $2.8b airline caterer as asset sales mount

HNA Group Co. agreed to sell control of airline caterer Gategroup Holding AG to RRJ Capital, the second major divestment in a week by the embattled Chinese conglomerate. RRJ will purchase all outstanding shares of Gategroup, the Swiss company said Friday. It didn’t disclose financial terms. The deal values Gategroup at about $2.8b, according to people with knowledge of the matter. The acquisition is expected to be completed in April, Gategroup said. RRJ, the Hong Kong private equity firm run by former Goldman Sachs Group Inc. banker Richard Ong, will be its sole shareholder after the deal. Temasek Holdings Pte will remain invested through a mandatory exchangeable bond. HNA was one of China’s most acquisitive companies until it began facing liquidity challenges and pressure from the government. <br/>