Cargo Handling

HNA Group in talks to sell Swissport, report claims

The HNA Group is in advanced talks to sell ground handler Swissport International to Canadian asset manager Brookfield Asset Management, according to a report by Bloomberg.

The publisher claims the sale could be worth more than $3 billion but while talks are apparently advanced, other parties remain interested.

HNA is looking to raise cash as reportedly in huge debt and Bloomberg said it could be its biggest sale since it offloaded its stake in Hilton Worldwide Holdings in April.

The report claims that while the Swissport talks are at an advanced stage, no final decision has been made and they could still fall apart. In August, Cerberus Capital Management was among suitors keen on acquiring Swissport.

HNA bought Swissport from PAI Partners for$2.8 billion in 2015.

Swissport International works on behalf of more than 850 client-companies, for some 265 million passengers annually and handles approximately 4.7 million tonnes of air cargo at 134 warehouses worldwide. It is active at over 300 airports in 50 countries across all five continents. In 2017 it generated consolidated operating revenue of €2.8 billion.