China's conglomerate, HNA Aviation Group Co., will buy a majority stake in its third Swiss-based company, SR Technics, an aircraft maintenance service provider.
HNA Aviation bought an 80 percent stake from its previous shareholder, Abu Dhabi's Mubadala Development Co., who will retain the last 20 percent.
"As a majority shareholder in SR Technics for over six years we are pleased to have found an ideal partner in HNA Aviation to continue the development of what is now one of the world's leading MRO service providers of aircraft, component and engine services," Homaid Al Shimmari, Mubadala CEO of Aerospace and Engineering Services said in a news release.
Earlier this year, HNA struck a deal to acquire the Swiss-base airline gategroup for $1.47 billion USD, which is in the process of being completed, and in 2015 spent $2.8 billion on Swissport Group, an airport ground handler.
"In addition to continuing to serve our existing customers, including our growing support of the Etihad Airline Group, further expansion into the fast-growing Asia Pacific market is a priority for SR Technics and HNA will support this through their growing network of regional and global businesses," Jeremy Remacha, interim CEO of SR Technics said.
