HNA explores sale of newly acquired CWT logistics unit -sources

CWT International

19/09/2018 06:33

HONG KONG, Sept 19 (Reuters) - China's HNA Group  HNAIRC.UL 
is in talks with banks to find a buyer for its CWT logistics
firm just nine months after acquiring the Singaporean company in
a $1 billion deal, six people familiar with the matter told
Reuters.
    The sale, if completed, would be the latest in a series of
divestments aimed at slashing debt at the aviation-to-financial
services conglomerate that is restructuring its far-flung
operations.
    The asset divestment drive follows HNA's $50 billion worth
of deal-making over the past few years, including hotels in the
United States and a stake in Deutsche Bank  DBKGn.DE , that has
sparked intense scrutiny.
    For CWT, HNA is targeting a non-Chinese buyer, three of the
people said. Another person familiar with the matter said only a
part of CWT would be put up for sale. 
    The sources declined to be named as HNA's talks with
investment banks on finding a buyer were confidential.
    A spokeswoman for HNA, which completed its $1.04 billion
acquisition of CWT in December last year via a wholly owned
subsidiary, declined to comment.  urn:newsml:reuters.com:*:nL3N1OB3FZ

 (Reporting by Kane Wu, Julie Zhu, Sumeet Chatterjee in Hong
Kong, and Anshuman Daga in Singapore Editing by Himani Sarkar)
 ((kane.wu@thomsonreuters.com; +85228436590; Reuters Messaging:
kane.wu.thomsonreuters.com@reuters.net))