HNA set to drop acquisition of SkyBridge Capital: WSJ – Reuters Money


(Reuters) – Chinese conglomerate HNA Group Co is set to drop its pursuit of hedge-fund investment firm SkyBridge Capital, after facing resistance from Committee on Foreign Investment in the United States (CFIUS), the Wall Street Journal reported on Monday.

FILE PHOTO: A HNA Group logo is seen on the building of HNA Plaza in Beijing, China February 9, 2018. REUTERS/Jason Lee/File Photo

The two firms may strike a partnership agreement instead, but the size and scope of it is unclear, the report said, citing people familiar with the matter. (on.wsj.com/2KlGVot)

The CFIUS has stopped several Chinese companies from acquiring American ones in the past, the most high-profile being Ant Financial’s acquisition of U.S. money transfer company MoneyGram International Inc in January.

SkyBridge, which was founded by onetime White House communications chief Anthony Scaramucci, had about $10 billion in assets under management or advisement as of February.

The deal would have valued SkyBridge at around $200 million, the report said.

Reporting by Diptendu Lahiri in Bengaluru; Editing by Arun Koyyur



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