(Adds background, details of deal)
June 28 (Reuters) - Automotive Holdings Group said on Thursday that the sale of its refrigerated logistics business to a unit of China’s HNA Group would not be completed by June 30 as earlier advised.
The automotive retailer said in a statement the delay occurred because HNA Group had not yet secured Australian foreign investment regulatory approval.
The Foreign Investment Review Board’s decision on the deal was now expected to be made on or about June 29, with the formal announcement on the decision expected in early July.
HNA International had proposed changes to certain terms of the deal, including about the provision of funding support by AHG.
The headline sale price remained unchanged and talks about the proposed changes were still under way.
The retailer in November last year announced plans to sell its refrigerated logistics business to a unit of China’s HNA Group for $213.3 million.
$1 = 1.3624 Australian dollars Reporting by Chandini Monnappa in Bengaluru; Editing by Stephen Coates