HNA Group of China and Bravia Capital of Hong Kong, have agreed to acquire GE SeaCo, in a deal worth $1 billion.
GE SeaCo is reckoned to be the fifth largest player in the global marine container leasing industry owning and managing over 870,000 20-foot equivalent units, the industry’s standard measure.
It was established in 1998 as a joint venture between General Electric Capital Corporation and Sea Containers, which has since replaced by SeaCo Ltd. Its head office is in Singapore and has representatives in more than 80 countries.
GE SeaCo will operate as a core business within HNA’s existing logistics and finance businesses. GE SeaCo’s key managers will remain with the company.
Adam Tan, executive director of HNA said: “This acquisition fits precisely into HNA’s strategic plans to quickly grow our logistics and transport business. Our company currently owns and operates China’s fourth largest port, a fleet of 30 container ships and a container ship finance arm. GE SeaCo fills an important gap critical to our ongoing growth. We believe this is a tremendous opportunity for HNA to acquire one of General Electric’s world class businesses.”
The new owner intends to increase the size of GE SeaCo significantly over the 18 to 24 months following the acquisition