China's Fosun to take tourism unit private, values it at $1.25 bln (updated)

Fosun Tourism

10/12/2024 11:16

(Adds details on take-private deal and background in paragraphs
2-5)
       Dec 10 (Reuters) - Chinese conglomerate Fosun
International  0656.HK  plans to take its tourism arm private,
valuing the unit at HK$9.71 billion ($1.25 billion), the tourism
business said in a filing with the Hong Kong stock exchange on
Tuesday.
    The conglomerate already owns more than 78% of Fosun Tourism
 1992.HK  and is offering HK$7.80 for every share it does not
already own, resulting in a 95% premium to the tourism unit's
last close on Nov. 26.
    Fosun Tourism's shares were halted since late November.
    The tourism company, which has been grappling with high
levels of debt, was looking to sell a luxury resort, Reuters
reported in March.
    Fosun Tourism accounts for 9% of Fosun International's
overall revenue, with the conglomerate's other businesses
spanning healthcare, financial services and real estate.

 ($1 = 7.7761 Hong Kong dollars)

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by
Shounak Dasgupta)
 ((Rishav.Chatterjee@thomsonreuters.com))