In converting its mandatory exchangeable bond and acquiring additional shares to increase its stake in gategroup to 50%, Temasek becomes co-shareholder alongside Asian investment firm RRJ Capital.
The transaction completed yesterday (25 September).
RRJ Capital and Temasek joined HNA Group as investors of gategroup last July, having subscribed to a five-year mandatory exchangeable bond that at the time was worth up to 49% of gategroup’s share capital on conversion.
NEW GROWTH ERA
Xavier Rossinyol, CEO of gategroup said: “This is yet another step forward in the transformational journey of gategroup and excellent news for our employees and customers.
“We are absolutely delighted to continue to work with Temasek and RRJ Capital going forward as they contribute their expertise, network and growth track record to gategroup.”
Richard Ong, Founder and Chairman of RRJ Capital and Chairman of the Board at gategroup added: “We are pleased to welcome Temasek as co-shareholder of gategroup.
“Over the past three years gategroup has, thanks to its strong management team, made swift progress on the implementation of their successful Gateway 2020 Strategy. Together with Temasek we look forward to supporting their growth aspirations.”
In a dual announcement, Uwe Krueger, Senior Managing Director, Temasek has been appointed to the gategroup Board of Directors.