PRN: HNA Acquired the 5th Container Lessor GE SEACO
HNA indicates that the leasing company will operate as a core business within HNA's existing logistics and finance operations.
HNA Acquired the 5th Container Lessor GE SEACO
BEIJING, December 20, 2011 /PRNewswire/ --
On Dec, 20th, HNA Group held a press conference to announce its completion of acquiring GE SEACO of GE, the 5th container lessor in the world, with 1.05 billion dollars.
HNA Group had accomplished the equity delivery with GE SEACO, making it one of the largest international acquisitions against the gloomy shipping industry. The acquisition is the biggest in HNA's history.
HNA indicates that the leasing company will operate as a core business within HNA's existing logistics and finance operations. The leasing business of HNA Group covers infrastructure, aircrafts, ship and container.
HNA Group is an integrated operator in modern service industry with air travel, modern logistics and modern financial services, with services in aviation, logistics, financial services, tourism, real estate, retailing and airport management etc. HNA Group owns several brands: Hainan Airlines, Deer Jet, Bohai Leasing, and Haikou Meilan Airport. The quality service has been highly praised. By Dec, 2010, its asset had exceeded 200 billion yuan and revenue, 60 billion yuan, ranking 179th among China's Top 500 enterprises 2010.
GE SEACO was held by GE Capital of USA and SEACO of UK with 50% each. Based in Singapore, it has 21 branches, over 180 warehouses and 168 staff. By the end of 2010, GE SEACO has a total asset of 1.908 billion dollars, revenue of 355 million dollars and net profit of 97.6 million dollars. The expected net profit for 2011 is over 100 million dollars.
"We are pleased to be a critical component in HNA's growth strategy for transportation and logistics," David G. Amble, CEO of GE SEACO says, "The company team is impressed by HNA's vision and determination. This deal is not only appealing to the buyer but also the management team and our customers. The company and the staff are thrilled at the thought of our growth in Asia and the world."
After the acquisition, HNA will learn from GE SEACO's business model, operation experience and management system to improve its management efficiency and international operation of its leasing business.
GE SEACO is expected to interact and coordinate with other leasing businesses of HNA to promote the group's general competitiveness.
HNA believes that this deal will create sound synergy and set an example for the West and East cooperation as well as the internationalization of Chinese enterprises.