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China's HNA puts up Swissport for sale at discount price to cut debts

CHINA's conglomerate HNA is looking to sell cargo handler Swissport at a discount to raise cash and lower debts, Reuters reports

13 February 2020 - 19:00

CHINA's conglomerate HNA is looking to sell cargo handler Swissport at a discount to raise cash and lower debts, Reuters reports.

Buyout firms Apollo Global Management and Cerberus, and asset manage Brookfield are said to be interested in bidding for the company.



It was already suggested in late 2018 that buyers were circling the company, with Brookfield named as a potential buyer in a deal worth US$3 billion, London's Air Cargo News reported.



Cerberus, which purchased handler Worldwide Flight Services in 2018, was also reported to have considered buying the company in 2018.



This time round Reuters said HNA will sell for $2.3 billion after purchasing the cargo handler in 2016 in a $2.8 billion deal.



HNA had also considered listing Swissport on the SIX Swiss Exchange, but later scrapped the plan.


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