Chinese conglomerate HNA Group has agreed to acquire GE Capital’s European transport equipment leasing body TIP Trailer Services, subject to regulatory approvals.
As reported in Leasing Life, there had been rumours GE was looking to sell TIP as far back as 2011 for $1bn, though GE wouldn’t comment on the price of this deal.
TIP has a fleet of over 45,000 units, and will operate a network of 48 branches across 16 European countries, following the completion of the deal.
Adan Tan, vice-chairman and president of HNA Group, said: "The acquisition of TIP strategically fits within HNA Group’s existing portfolio of logistics, airline, airport, financial services, real estate, tourism, shipping and retail companies, and significant revenue synergies exist between TIP and HNA’s logistics and financial services businesses."
Bob Fast, president and chief executive officer of GE’s TIP Trailer services, said: "TIP will continue to be a trusted, long-term partner with solid financial backing from a leading global firm prepared to invest in the business. During this period of transition we continue to operate as business as usual."
