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Chinese Giant HNA Buys 25% Stake in OM Asset Management from Old Mutual for $446M

Chinese Giant HNA Buys 25% Stake in OM Asset Management from Old Mutual for $446M

OMAM agreed to acquire a 60% equity interest in Landmark Partners, a global secondary private equity and real estate firm, for $240 million in cash. HNA Capital US is expected to appoint one director to the OMAM board after purchasing a first tranche of 9.95% of OMAM shares, and a second on the completion of the second tranche of 15% of OMAM shares. In both cases, these directors will replace existing nominees of Old Mutual. HNA Group, controlled by its founder and chairman Chen Feng, is a global Fortune 500 company focused on Aviation, Holdings, Tourism, Capital, Logistics and EcoTech. Since its founding in 1993, HNA Group has evolved from a regional airline based on Hainan Island into a global company with over $90 billion of assets, $30 billion in annual revenues and an international workforce of nearly 200,000 employees, primarily across North America, Europe and Asia. HNA’s tourism business is a fast-growing, vertically-integrated global player with market-leading positions in aviation, hotels and travel services. HNA operates and invests in nearly 2,000 hotels with over 300,000 rooms across major markets, and has 1,250 aircraft carrying over 90 million passengers to 260 cities worldwide. As reported by ExitHub last October, HNA agreed to acquire a 25 percent equity interest in Hilton Worldwide Holdings Inc. (NYSE: HLT), from New York global private equity firm Blackstone (NYSE: BX) for $6.5 billion, reducing Blackstone’s interest in Hilton to approximately 21 percent. Earlier in October 2016, Avolon Holdings Ltd., a subsidiary of Bohai Capital Holding Co. Ltd. (SLE: 415) controlled by HNA Group, agreed to acquire the CIT Commercial Air aircraft leasing business of New York-based CIT Group Inc. (NYSE: CIT), for $10 billion. Around the same time, HNA EcoTech said it agreed to acquire Beijing-based information technology (IT) outsourcing services provider Pactera Technology International Ltd. from New York global private equity firm Blackstone Group (NYSE: BX) and other shareholders. The purchase price was reportedly $675 million. In early August 2016, HNA Group agreed to invest $336 million in San Francisco-based RocketSpace, a leading technology accelerator campus and co-working space for high-growth startup, in a strategic joint venture deal to fuel RocketSpace’s global expansion, including China. A few days later, HNA’s subsidiary Hainan Airlines Co. Ltd. acquired a 24% stake in Brazil’s third largest airline Azul SA for $450 million, becoming its largest single shareholder. In February 2016, HNA agreed to acquire Ingram Micro Inc. (NYSE:IM) for $6 billion, the largest Chinese takeover of a US information technology company. Photo: Chen Feng, Founder & Chairman of HNA Group.]]>

New York's Safra Bank Acquires Israeli Bank Hapoalim's Private Banking Business in Miami

New York's Safra Bank Acquires Israeli Bank Hapoalim's Private Banking Business in Miami

“We are determined to play a leading role in the consolidation of the private banking market,” said Jacob J. Safra, vice-chairman of Safra National Bank. “Our capital strength, family ownership and 175 years of experience give us great flexibility to do such transactions.”

“We look forward to welcoming the clients and employees of Bank Hapoalim in Miami to our organization,” said Simoni Morato, CEO of Safra National Bank of New York. Bank Hapoalim’s private banking business in Miami fits perfectly with the strategic vision of the J. Safra Group and Safra National Bank of New York, and we are confident we will add immeasurable value to clients.” The J. Safra Group, with total assets under management of over $194 billion and aggregate stockholders equity of $15.4 billion, is controlled by Jacob’s father, billionaire Joseph Safra, based in Sao Paulo, Brazil. The group consists of privately owned banks under the Safra name, real estate and agribusiness investments and other holdings. The group’s banking interests, which have over 160 locations globally, are Safra National Bank of New York headquartered in New York City; J. Safra Sarasin, headquartered in Basel, Switzerland; and Banco Safra, headquartered in Sao Paulo, Brazil; all independent from one another from a consolidated supervision standpoint. The group’s real estate holdings consist of more than 200 premier commercial, residential, retail and farmland properties worldwide, such as New York City’s 660 Madison Avenue office complex and London’s iconic Gherkin Building. Its investments in other sectors include, among others, agribusiness holdings in Brazil and Chiquita Brands International Inc. There are more than 28,000 employees associated with the J. Safra Group, with deep relationships in markets worldwide. The deal is expected to be completed during the first quarter of 2017, subject to regulatory clearance. Bank Hapoalim, Israel’s largest bank, was established in 1921 by the Israeli trade union federation Histadrut and the Zionist Organisation. The bank was owned by the Histadrut until 1983, when it was nationalized, and was held by the Israeli government until 1996, when it was sold to a group of investors led by the late Ted Arison. It is currently controlled by Arison Holdings through an equity stake of about 20 percent, which is owned by Ted’s daughter Shari Arison. As of the end of 2015 Hapoalim had over $110 billion in assets, with nearly $8.5 billion in equity capital and almost 12,000 employees worldwide. Hapoalim has been chosen as Bank of the Year in Israel for 2015, by The Banker, a publication of the Financial Times Group. Photo: Jacob J. Safra, Vice-Chairman of Safra National Bank. (Bilan)]]>