HONGKONG (Reuters) – China’s HNA Group is in talks with banks to find a buyer for its CWT logistics firm just nine months after acquiring the Singaporean company in a $1 billion deal, six people familiar with the matter told Reuters.
The sale, if completed, would be the latest in a series of divestments aimed at slashing debt at the aviation-to-financial services conglomerate that is restructuring its far-flung operations.
The asset divestment drive follows HNA’s $50 billion (£38 billion) worth of deal-making over the past few years, including hotels in the United States and a stake in Deutsche Bank <DBKGn.DE>, that has sparked intense scrutiny.
For CWT, HNA is targeting a non-Chinese buyer, three of the people said. Another person familiar with the matter said only a part of CWT would be put up for sale.
The sources declined to be named as HNA’s talks with investment banks on finding a buyer were confidential.
A spokeswoman for HNA, which completed its $1.04 billion acquisition of CWT in December last year via a wholly owned subsidiary, declined to comment.
(Reporting by Kane Wu, Julie Zhu, Sumeet Chatterjee in Hong Kong, and Anshuman Daga in Singapore Editing by Himani Sarkar)