Air France-KLM Discusses Selling Stake in Catering Unit to China's HNA
31 May 2016 - 10:50AM
Dow Jones News
PARIS—Air France-KLM said it is in exclusive talks to sell a
49.99% stake in its airline catering unit, Servair, to China's HNA
Group.
The deal would value 100% of Servair at €475 million ($599.4
million), the Franco-Dutch airline said Monday.
The operation is conditioned on HNA's acquisition of Gategroup
Holding AG, another airline caterer.
The tie-up, which Air France-KLM said would create a world
leader in airline catering, comes as it is recovering from years of
losses amid competition from airlines such as Ryanair Holdings PLC
and EasyJet PLC in Europe and from rapidly expanding Middle Eastern
long-haul carriers.
Write to Inti Landauro at inti.landauro@wsj.com
(END) Dow Jones Newswires
May 30, 2016 20:35 ET (00:35 GMT)
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