HNA Group Co. Ltd. is aiming to raise more than US$1 billion from the potential sale of its SeaCo Srl container-leasing subsidiary, Bloomberg News reported, citing people with knowledge of the matter.
The Chinese conglomerate is believed to be considering the revival of the divestment to raise funds to reduce its debt, the unnamed sources added. The group, however, may consider lower offers as it faces liquidity challenges, the people said, adding that no final decisions have been made.
HNA marketed the business earlier in 2019 but called off the transaction due to disagreements over valuations. When it first hit the market, SeaCo drew interest from investors such as Apollo Global Management LLC, China Cinda Asset Management Co. Ltd., I Squared Capital and Sumitomo Mitsui Financial Group Inc., according to Bloomberg.
A representative for HNA declined to comment regarding the potential sale, the Sept. 5 report added.
