HNA Group Acquired The World's Second-Largest Airline Catering Company

According to a report by Bloomberg, the Chinese conglomerate HNA Group has agreed to acquire Gategroup Holding, the world's second largest airline catering company.

Bloomberg reported HNA Group, led by billionaire Chairman Chen Feng, will pay $1.5 billion for the company. The acquisition is consistent with Feng's ongoing "acquisition spree" targeting aviation related assets. For example, HNA Group acquired a 23.7 percent stake in Azul, Brazil's largest airline back in November 2015.

Shares of Switzerland-traded Gatergroup soared higher by more than 20 percent following the acquisition announcement.