China’s HNA Group to buy Swissport from PAI Partners

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AUG 5, 2015: HNA Group and PAI Partners SAS, a private equity fund, have signed an acquisition agreement to acquire 100 percent equity interest in Swissport Group, the world’s largest ground services and cargo handling services provider in Zurich.

The total transaction value is  approximately CHF2.7 billion ($2.82 billion). The acquisition is expected to enable HNA to optimise its existing aviation, airport, logistics and tourism services.

“We are very honoured to become a member of HNA Group. Going forward, we will continue to enhance our service standard and international network coverage in a bid to provide high quality and value-added services to customers,” said Thomas Staehelin, Chairman, Swissport, while signing the agreement.

Swissport provides airport ground and cargo handling services for approximately 700 airline clients around the world. With business spanning 270 airports in 48 countries, the company provides ground services to approximately 224 million passengers and handles approximately 4.10 million tonnes annually. It has 60,000 staff, with an annual turnover of approximately CHF3 billion. Swissport will remain a stand-alone business after joining HNA Group.

HNA Group has been steadily developing its business for 22 years since inception. Its businesses spanning across aviation, holdings, tourism, capital and logistics. It owns 10 listed holdings companies and more than 30 overseas companies. HNA Group has landed on the Fortune Global 500 just released in July for the first time, ranking No. 464 with annual revenue of $25.6 billion.

“The Group believes that Swissport will attain greater achievement in the international aviation market. The business presence of HNA Group, in particular its extensive knowledge of the China market, will also assist Swissport to more effectively expand emerging markets including China, which will enhance and optimise the global presence of both parties,” said Tan Xiangdong, Vice Chairman and President of HNA Group.

Ricardo de Serdio, Partner of PAI Partners, said “the acquisition will consolidate the strategic interest of Swissport as a leader in the world, and facilitate the integration of the aviation service market.”

The transaction is subject to the approval from the supervisory and anti-trust departments. It is expected to be completed by the end of this year the earliest.

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