Temasek acquires 50% stake in gategroup
ZURICH Glattbrugg, 26 September 2019
gategroup Holding AG today announced that Temasek has converted its mandatory exchangeable bond and acquired additional shares resulting in a 50% stake in gategroup. They are now co-shareholders with RRJ Capital, who owns the remaining 50% of the company. The transaction was completed on 25 September 2019.
Temasek is a recognized, long-term investor headquartered in Singapore, with an impressive shareholder’s return track record. With this change, gategroup also announces the appointment of Uwe Krueger, Senior Managing Director, Temasek, to its Board of Directors.
Richard Ong, Founder and Chairman of RRJ Capital and gategroup’s Chairman of the Board said: “We are pleased to welcome Temasek as co-shareholder of gategroup. Over the past three years gategroup has, thanks to its strong management team, made swift progress on the implementation of their successful Gateway 2020 Strategy. Together with Temasek we look forward to supporting their growth aspirations.”
Xavier Rossinyol, CEO of gategroup said: “This is yet another step forward in the transformational journey of gategroup and excellent news for our employees and customers. We are absolutely delighted to continue to work with Temasek and RRJ Capital going forward as they contribute their expertise, network and growth track record to gategroup,” he continued.
gategroup is the global leader in airline catering, retail-on-board and hospitality products and services. gategroup provides passengers with superior culinary and retail experiences, leveraging innovation and advanced technology solutions. Headquartered in Zurich, Switzerland, gategroup deliver operational excellence through the most extensive catering network in the aviation industry, serving more than 700 million passengers annually from over 200 operating units in over 60 countries/territories across all continents. In 2018, gategroup reached CHF 4.9 billion in revenues generated by approximately 43,000 employees worldwide. For further information, please visit www.gategroup.com
Temasek is an investment company with a net portfolio value of S$313 billion (€206b) as at 31 March 2019. Temasek’s Charter roles as an investor, institution and steward shape its investment stance, ethos and philosophy, to do well, do right and do good.
Temasek’s investment philosophy is anchored around four key themes: Transforming Economies; Growing Middle Income Populations; Deepening Comparative Advantages; and Emerging Champions. For more information on Temasek, please visit www.temasek.com.sg
About RRJ Capital
RRJ Capital is an investment firm which focuses on long term private equity investments. RRJ manages approximately US$ 13 billion of funds, with portfolio companies in Asia, Australia, Europe and USA. RRJ is based in Singapore and Hong Kong.
This publication contains forward-looking statements and other statements that are not historical facts. The words “believe”, “anticipate”, “plan”, “expect”, “project”, “estimate”, “predict”, “intend”, “target”, “assume”, “may”, “will” “could” and similar expression are intended to identify such forward-looking statements. Such statements are made on the basis of assumptions and expectations that we believe to be reasonable as of the date of this publication but may prove to be erroneous and are subject to a variety of significant uncertainties that could cause actual
factors are changes in overall economic conditions, changes in demand for our products, changes in the demand for, or price of, oil, risk of terrorism, war, geopolitical or other exogenous shocks to the airline sector, risks of increased competition, manufacturing and product development risks, loss of key customers, changes in government regulations, foreign and domestic political and legislative risks, risks associated with foreign operations and foreign currency exchange rates and controls, strikes, embargoes, weather-related risks and other risks and uncertainties. We therefore caution investors and prospective investors against relying on any of these forward-looking statements. We assume no obligation to update forward-looking statements or to update the reasons for which actual results could differ materially from those anticipated in such forward-looking statements, except as required by law.
Note: In the event of any discrepancy or inconsistency between any translated versions of this publication, the English version shall prevail.