December 22, 2016

HNA completes the settlement of the Offer for gategroup Shares

  • Public tender offer by HNA for gategroup Shares settled today
  • New Board of Directors assumes office
  • gategroup to apply for delisting from SIX Swiss Exchange

ZURICH, December 22, 2016 – On 20 May 2016, HNA Aviation (Hong Kong) Air Catering Holding Co., Ltd., Hong Kong ("Offeror"), a subsidiary of HNA Group Co., Ltd. ("HNA"), published the Offer Prospectus on the public tender offer (“Offer”) for all publicly held shares of gategroup Holding AG ("gategroup Shares").

The Offeror settled the Offer today, 22 December 2016, through payment of the offer price to shareholders of gategroup who had tendered their shares into the Offer.

Also as of today, the new Board members Adam Tan (Chairman), Di Xin, Frank Nang, Stewart Gordon Smith and Xavier Rossinyol, who were elected at the extraordinary general meeting of the shareholders on 29 July 2016, assume their office. With the exception of Frederick W. Reid who was re-elected as a member of the Board of Directors, all incumbent Board members of gategroup have resigned as of the settlement.

The separate trading line for gategroup Shares tendered into the offer was closed on 20 December 2016. Immediately following the settlement of the Offer, gategroup will apply with SIX Swiss Exchange for the delisting of the gategroup Shares in accordance with the listing rules of SIX Swiss Exchange and for an exemption of certain disclosure obligations under the listing rules of SIX Swiss Exchange until the date of delisting of the gategroup Shares.

Adam Tan, CEO of HNA Group and new Chairman of gategroup says “This is a great day for HNA and gategroup. It is the culmination of months of hard work and a perfect example of the working relationship we plan to continue in the future. I would like to thank all gategroup employees for helping to make gategroup the success it is today and we look forward to welcoming you all into the HNA family.”

Xavier Rossinyol, Chief Executive Officer of gategroup, commented: “After one and a half years under the new strategy, which delivered both financially and commercially, the acquisition by HNA is the right step for gategroup. It will take the company to a new level of our strategy of efficiency and growth, especially in the Asia Pacific region. We look forward to strengthening and further developing our business under the guidance of our new shareholder and Board of Directors. The company and its employees are fully committed to keep delivering and thank the current Board of Directors for their support and the new shareholders for their trust. Customers, suppliers and employees all stand to benefit from the close cooperation with our new owners.”

For further information related to the public offer by HNA Aviation Air Catering please refer to http://www.gategroup.com/investors/hna-to-acquire-gategroup


Contact
Dagmara Robinson
Corporate Communication and Investor Relations
invest@gategroup.com
+41 44 533 70 32



About gategroup
gategroup is a leading global provider of products, services and solutions relating to a passenger’s onboard experience. It specializes in catering and hospitality; provisioning and logistics; and onboard products and services to companies that serve people on the move. In 2015, gategroup achieved a total revenue of CHF3.0 billion and an adjusted EBITDA of CHF169.4 million. The company currently employs more than 28,000 people worldwide. For further information: www.gategroup.com


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