The European Commission has formally approved the acquisition of ground handling agent Swissport by China's HNA Group, the parent of Hainan Airlines, from private equity firm PAI Partners for approximately CHF2.7 billion (US$2.8 billion).
In a statement, the European regulator said that the Commission had found that the proposed acquisition would raise no competition concerns because the companies' activities do not overlap.
The HNA Group said the acquisition of Swissport will allow the company to further develop its network of aviation, airport, logistics and tourism services and assist Swissport to more effectively expand in emerging markets, including China.
Swissport is the world’s largest ground handling company, handling 224 million passengers and approximately 4.1 million tonnes of cargo per year, generating a CHF3 billion annual turnover. It
will remain a stand-alone business following the acquisition.
The closing is expected to occur in December.
Nol van Fenema