July 2, 2018 / 4:18 PM / 3 months ago

Temasek, RRJ Capital invest in airline caterer Gategroup

ZURICH (Reuters) - Gategroup said Singapore state investor Temasek and RRJ Capital have joined its owner HNA Group [HNAIRC.UL] as investors in the Swiss-based airline caterer.

FILE PHOTO: A general view shows the facility of the Gate Gourmet division of airline caterer Gategroup at Zurich Airport in Kloten, Switzerland March 26, 2018. REUTERS/Arnd Wiegmann

Temasek and RRJ have subscribed to a five-year mandatory exchangeable bond which, upon conversion, will result in up to 49 percent of the share capital of Gategroup, the company said on Monday. The amount invested was not disclosed.

HNA Group scrapped its planned listing of Swiss-based airline caterer Gategroup in March, dealing a blow to the cash-strapped Chinese conglomerate’s efforts to reduce its debts.

HNA, the aviation-to-financial services conglomerate, has been selling overseas real estate and some of its biggest financial and strategic investments following a $50 billion acquisition spree over the past two years.

Reporting by John Revill. Editing by Jane Merriman

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