- RRJ Capital becomes sole shareholder
- Temasek will remain invested in gategroup through a mandatory exchangeable bond.
gategroup Holding AG, the world’s largest provider of airline catering and retail on board, is pleased to announce that RRJ Capital has completed the acquisition of all outstanding shares in gategroup from HNA Group. As a result, RRJ Capital is now the sole shareholder and Temasek remains invested in gategroup through a mandatory exchangeable bond.
gategroup’s new Board of Directors will be chaired by Richard Ong, Founder and Chairman of RRJ Capital. New members appointed to the Board include Charles Ong (co-Chairman of RRJ Capital), Andreas Schmid, and Björn Bajan. Frederick W. Reid and Xavier Rossinyol maintain their current roles on the board.
Says Richard Ong, gategroup’s Chairman of the Board: “I look forward to working as Chairman of the Board of Directors of gategroup. I would like to thank Adam Tan for his contributions as Chairman of gategroup from 2016 to 2019 and helping the company progress the implementation of their successful Gateway 2020 strategy.”
Says Xavier Rossinyol, CEO of gategroup: “I would like to thank RRJ Capital and Temasek for their trust in gategroup and look forward to working with our new Board under the leadership of Chairman Richard Ong. gategroup has made significant progress thanks to the excellent support of the outgoing Board of Directors, the guidance of Chairman Adam Tan and the HNA Group leadership team, for which we are very grateful. Additionally, I would like to thank our gategroup colleagues around the globe for their commitment to supporting our Gateway 2020 strategy which has led to exceptional performance for the fourth consecutive year”.
Credit Suisse (Singapore) Limited and UBS AG Hong Kong Branch are the joint financial advisors to RRJ Capital and led a financing consortium including ING and CIMB Singapore. White & Case LLP is the legal advisor to RRJ Capital.
gategroup is the global leader in airline catering, retail-on-board and hospitality products and services. gategroup provides passengers with superior culinary and retail experiences, leveraging innovation and advanced technology solutions. Headquartered in Zurich, Switzerland, gategroup delivers operational excellence through the most extensive catering network in the aviation industry, serving passengers from over 200 operating units in over 60 countries/territories across all continents. For further information, please visit www.gategroup.com.
About RRJ Capital
Temasek is an investment company with a net portfolio value of S$313 billion (€206b) as at 31 March 2019. Temasek’s Charter roles as an investor, institution and steward shape its investment stance, ethos and philosophy, to do well, do right and do good.
Temasek’s investment philosophy is anchored around four key themes: Transforming Economies; Growing Middle Income Populations; Deepening Comparative Advantages; and Emerging Champions. For more information on Temasek, please visit www.temasek.com.sg
This publication contains forward-looking statements and other statements that are not historical facts. The words “believe”, “anticipate”, “plan”, “expect”, “project”, “estimate”, “predict”, “intend”, “target”, “assume”, “may”, “will” “could” and similar expression are intended to identify such forward-looking statements. Such statements are made on the basis of assumptions and expectations that we believe to be reasonable as of the date of this publication but may prove to be erroneous and are subject to a variety of significant uncertainties that could cause actual results to differ materially from those expressed in forward looking statements. Among these factors are changes in overall economic conditions, changes in demand for our products, changes in the demand for, or price of, oil, risk of terrorism, war, geopolitical or other exogenous shocks to the airline sector, risks of increased competition, manufacturing and product development risks, loss of key customers, changes in government regulations, foreign and domestic political and legislative risks, risks associated with foreign operations and foreign currency exchange rates and controls, strikes, embargoes, weather-related risks and other risks and uncertainties. We therefore caution investors and prospective investors against relying on any of these forward-looking statements. We assume no obligation to update forward-looking statements or to update the reasons for which actual results could differ materially from those anticipated in such forward-looking statements, except as required by law.
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