Intesa Sanpaolo Agrees NH Hoteles Stake Sale

May 26, 2014

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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.