July 16, 2018

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Pending CFIUS Filing: HNA Capital Group/HNA Group Co. and SkyBridge Capital II

Status:  Pending Filing

Acquirer:  HNA Capital Group Co., Ltd.; HNA Group Co., Ltd. (China)

Acquired:  SkyBridge Capital II, LLC (US)

Value:  Approx. US $200-$230 million

Industry:  Financial Services

In January 2017, SkyBridge Capital II, LLC, a US investment management company (see SkyBridge Capital website for list of funds), announced plans to sell a majority stake to HNA Capital (US) Holdings LLC.  (See SkyBridge G II Fund, LLC, Form 497, Jan. 17, 2017, SEC Filing; SkyBridge Multi-Adviser Hedge Fund Portfolios, LLC, Form 497, Jan. 17, 2017, SEC Filing; for further details, see SkyBridge G II Fund LLC, Schedule 14A Proxy Statement, April 4, 2017, SEC Filing).  HNA Capital (US) Holdings LLC, is the wholly-owned New York-based subsidiary of HNA Capital Group Co., Ltd., the financial services unit of HNA Group Co., Ltd. (See SkyBridge G II Fund, LLC, Schedule 14A Preliminary Proxy Statement, Mar. 3, 2017, SEC Filing.)  “While final ownership of the Adviser may vary at closing, HNA is anticipated to be the largest shareholder, owning at least approximately 51% and as much as 80% of the Adviser.”  (SkyBridge G II Fund, LLC, Prospectus, Aug. 2, 2017, SEC Filing.)  The parties expect to close the transaction during the third quarter of the 2017.  (see Id.)  According to news reports, the parties submitted a notification to CFIUS for the transaction.

HNA Group has been involved in a recently completed CFIUS notice, a withdrawn notice, and has one review pending.  (See prior blog posts concerning HNA Capital’s transactions involving Ingram Micro, Global Eagle Entertainment, and OM Asset Management, respectively.)

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