China's HNA buys stake in US asset manager with $446 million

A HNA plane ready to take off. [Photo: feeyo.com]

The Chinese conglomerate HNA Group has agreed to buy a 25 percent stake in Old Mutual Plc's US management unit at a price of $446 million.

Old Mutual Plc announced by email on Sunday that it will sell the holdings in two tranches. The transaction of the first 9.95 percent will be finished in 30 days. The remaining 15 percent will take place in the second half of the year.

HNA Group, the Hainan-based conglomerate aiming at tourism and aviation, has astonished the world with its merging spree.

HNA's mergers and acquisitions in the past year have surpassed $30 billion, and the trend showed signs of acceleration.

Data from wallstreetcn.com:

February 2016, HNA bought Ingram Micro for $6 billion;

April 2016, Gategroup, $1.5 billion;

July 2016, Swissport, $2.8 billion;

July 2016, Avolon, $2.4 billion;

October 2016, CIT Group Inc.'s aircraft leasing service, $10 billion;

October 2016, 25 percent of Hilton Co. from the Blackstone Group, $6.5 billion;

March 2017, a parcel of EIC in Hong Kong, $7.44 billion HK;

March 2017, a building on 245 Park Ave, New York City, $2.21 billion;

HNA also became the third stakeholder of Deutsche Bank AG in March 2017 with a 4.76 percent stake in the German company.