Intesa Sanpaolo agrees to sell a stake in NH Hoteles. Intesa Sanpaolo said it agreed to sell a stake in Spain’s NH Hoteles for 133 million euros 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 and HNA will hold 29,7 Prozent.
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 Spainon 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.
HNA is the owner of Hainan Airlines and some other companies in the tourism. The holding is based in Haikou on the chinese island of Hainan and is one of the largest privat companies in China.