Powerhouse investors Temasek and RRJ Capital take stakes in gategroup

SWITZERLAND. Temasek and RRJ Capital have joined HNA Group as investors in leading airline caterer and travel retailer gategroup.

Temasek is an investment company headquartered in Singapore, with a US$197 billion portfolio (figures as of 31 March 2017). RRJ Capital is an Asian investment firm focused on private equity investments in China and Southeast Asia with nearly US$11 billion in assets under management.

Temasek and RRJ Capital have subscribed to a five-year mandatory exchangeable bond which, upon conversion, will result in up to 49% of the share capital of gategroup. Richard Ong, Founder, Chairman and CEO of the RRJ Group, will join gategroup’s board of directors.

As reported in March, HNA Group revealed plans to divest the majority of its holding in gategroup, but indicated plans to remain a “long-term anchor shareholder”.

Xavier Rossinyol: “Our board of directors will be further strengthened with their experience as we continue to develop our Gateway 2020 strategy, notably in support of our ambitions in the Asia Pacific region.”

gategroup Chairman Adam Tan said: “We are very pleased that accomplished, long-term focused global investors like Temasek and RRJ Capital recognize the value in gategroup today as well as its future growth potential. We look forward to working alongside them and gategroup’s world-class management team to accelerate the company’s growth strategy.”

gategroup CEO Xavier Rossonyol said: “We look forward to the investment expertise, financial strength and growth track record that Temasek and RRJ Capital bring to gategroup, complementing the ongoing extraordinary contributions of HNA. Our board of directors will be further strengthened with their experience as we continue to develop our Gateway 2020 strategy, notably in support of our ambitions in the Asia Pacific region.”

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