Intesa Sanpaolo Agrees NH Hoteles Stake Sale
Intesa Sanpaolo has agreed to sell a stake in Spain's NH Hoteles for EUR€132.7 million (USD$181.2 million) through a share sale and purchase agreement with China's HNA Group.
After the transaction is completed, Italy's biggest retail bank will hold 7.6 percent of the Spanish hotels group, Intesa said in a statement.
The agreement is between Intesa Sanpaolo on one side and HNA, parent company of Chinese airline Hainan Airlines, and its fully-owned special purpose vehicle Tangla Spain on the other, Intesa said.
The agreement is subject to approval by NH shareholders of a capital increase, Intesa's subscription to the capital increase, and HNA obtaining necessary authorisations from Chinese authorities.