Chinese Hospitality group Jin Jiang has announced that it will buy more than 50% stake in Radisson Hospitality AB from HNA Group in a deal that values the company at $671 million ($3.89 per share).
The transaction is expected to close at the end of this year and as part of the deal, Jin Jiang will also acquire up to an additional 18.5% stake in Radisson from HNAs Swedish unit.
HNA has already disposed of about $17 billion in non-core assets since late last year, including high-profile deals such as the sale of its $6.5 billion stake in Hilton Worldwide, having come under political and financial pressures.
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