The HNA Group is selling Radisson Holdings to a consortium led by China’s state-owned Jin Jiang International.
Reports had earlier named Jin Jiang International a potential bidder in the sale by the cash-strapped HNA Group.
As part of the deal, the consortium will buy 51.15 per cent of Radisson AB from Radisson Hospitality, according to a statement from Radisson Hospitality. Bloomberg estimates the total purchase to amount to three billion Swedish crowns (US$332 million), valued at 35 Swedish crowns per share.
Under an agreement with HNA Sweden, an indirectly wholly-owned subsidiary of HNA Tourism Group, the consortium will additionally acquire up to 18.5 per cent of the outstanding shares and votes in Radisson AB that HNA Sweden previously pledged and transferred to a lender as security for a loan.
Following the share purchase, the consortium would acquire 100 per cent of Radisson Holdings for an undisclosed amount.
The transactions are expected to complete by end-2018.