China's HNA calls off Swiss listing of airline caterer Gategroup

Airline, catering, trading
28/03/2018 - 08:00
Airline catering provider Gategroup announced in a statement that the initial public offering (IPO) with Chinese conglomerate HNA had been cancelled.

Gategroup said the listing on the SIX Swiss Exchange had been scrapped “due to a gap in valuation under current market conditions”, according to Reuters.

The caterer had been due to start trading in Switzerland on March 20, with the IPO valuing the whole company at £1.9 billion, but the planned listing was abandoned on March 19, according to Reuters.

Yahoo notes that a source close to the IPO process said HNA dropped the listing because it had a clear idea of Gategroup's value and was concerned it might not be reached.

HNA has spent $50 billion on acquisitions over the past two years. It has also been selling shares in Deutsche Bank, Park Hotels & Resorts, and Hilton Grand Vacations Inc.

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