HNA Holding Group Announces its SGD1.4 Billion Acquisition Offer for CWT Group
Baker McKenzie is advising HNA Holding Group Co. Limited (521.HK) ("HNA Holding"), as Hong Kong counsel, on its pre-conditional voluntary general offer, through its wholly-owned Singapore-incorporated subsidiary, HNA Belt & Road Investments (Singapore) Pte. Ltd., for all the issued and paid-up ordinary shares of CWT Limited for a total consideration of S$1.4 billion (HKD7.7 billion). The acquisition constitutes an extreme very substantial acquisition of HNA Holding under the Hong Kong Listing Rules.
This acquisition is another milestone step in HNA Holding’s strategy to becoming a leading diversified international investment company. CWT Group’s extensive logistics capabilities and advanced commodity trading and financial services platform will allow HNA Holding to simultaneously enter into logistics, engineering, financial services and commodity trading businesses, and have a presence across approximately 90 countries globally.
The mutli-discplinary Baker McKenzie team is led by Elsa Chan, partner and Man Chiu Lee, special counsel in the Capital Markets Group. They are assisted by associates Brian Wong and Jennifer Zhang.
HNA Holding (stock code 521.HK) is an investment holding company that is currently engaged in its businesses of property investment, management and development, as well as the provision of recreation and tourism services.
CWT was incorporated in 1970 as a private arm of the Port of Singapore Authority to provide warehousing and container trucking services in support of the onset of container terminal operations. CWT is a company incorporated in Singapore whose shares have been quoted and traded on the SGX-ST since 12 April 1993. It is a leading provider of integrated logistics solutions with interests in logistics services, commodity marketing, financial services and engineering services.
CWT Group is one of the largest owners and managers of warehouse and logistics real estate assets in Singapore. As of 31 December 2016, CWT Group managed approximately 10.3 million square feet of owned and leased warehousing space in Singapore, including approximately 2.4 million square feet of the under-construction mega integrated logistics hub in Singapore that is expected to be completed in the first half of 2017.