Chinese group HNA announced the acquisition of Austrian manager C-Quadrat. HNA, which already holds a proportionate shareholding of 9.9% in C-Quadrat Investment AG, becomes majority owner of it. HNA will hold a 74.8% shareholding in Cubic.
The remaining shares in Cubic will be retained by the company’s two founders and management board members, Alexander Schütz and Thomas Riess, as well as its other current core shareholders. Upon completion of the transaction Cubic will hold more than 98% shareholding in C-Quadrat Investment AG.
“Since we acquired a stake in C-Quadrat at the start of this year, we have seen how the company, its management and its employees operate highly successfully, and we wanted to participate more strongly in its long-term development,” said Yang Guang of HNA group.
“HNA group’s increased confidence in our activities reinforces our commitment to our strategy as a globally active and successful asset manager with Austrian roots,” added Alexander Schütz, founder and co-shareholder of C-Quadrat.