SPAIN’s biggest vertically integrated travel group, Globalia, is in talks to sell almost half of the company’s shares to China’s HNA Group.
The announcement was made by Globalia president and founder, Juan José Hidalgo, at the launch of a new route by his airline, Air Europa, from Madrid to the Paraguayan capital of Asunción.
Hidalgo said he will maintain a majority stake of just over 50 per cent while other shareholders, including banks and members of his family, will sell their shares. While he did not reveal the value of the sale, industry sources estimates place it at 750 million euros (US$844 million). No timeline is given yet, although Hidalgo added: “I am not in a hurry”.
Trade sources suggest protracted sell-off negotiations are expected to include a clause that overall control will eventually pass to HNA once Hidalgo decides to retire.
HNA has interests in the real estate, aviation, hospitality and travel industries, and also owns and operates Hainan Airlines, China’s largest privately-owned air transportation company.
Globalia, whose divisions include the Halcón Viajes travel agency chain, Be Live Hotels and tour operator Travelplan, has come out of Spain’s economic crisis reasonably well with sales up 8 per cent to 3.2 billion euros last year.
