China's HNA Group to buy GE trailer rental business GE
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CAPITAL, THE parent company of TIP Trailers, is to sell its European trailer rental business to the Chinese firm HNA Group Company.
The deal includes 48 branches based in 16 countries, more than 100 rental locations and 45,000 units.
It is likely to be concluded within the next three to four months once HNA Group has completed the process of meeting regulatory approval in China.
Bob Fast, president and CEO of GE's TIP Trailer Services, said the transaction will strengthen its proposition because significant strategic investment and growth are anticipated.
He added: "It's great news for our employees, customers and partners. During this period of transition, we will continue to operate business as usual."
Adam Tan, vice-chairman and president of HNA, said: "The acquisition of TIP strategically fits within HNA Group's existing portfolio.., and significant revenue synergies exist between TIP and IINA's logistics and financial services businesses.
"HNA has been seeking to make strategic investments in companies that focus on innovation and growth, and have high quality management."
HNA is listed as a privatelyowned business with an annual revenue of $76bn (£45.5bn) in 2012, according to Fortune magazine. It operates in markets including aviation, finance, hotels, construction, logistics, real estate, retail and tourism and employs more than 120,000 people.
In 2011 HNA bought the shipping-container business GE SeaCo from GE Capital and its partner SeaCo Ltd for $1bn.