China's HNA in talks to take control of Singapore's CWT for $1b: Sources

SINGAPORE - Chinese conglomerate HNA Group is in talks buy a controlling stake in Singapore-listed logistics firm CWT Ltd in a deal worth around US$1 billion (S$1.36 billion), two people familiar with the deal said.

One of the sources said on Friday that a deal could be announced as early as next week.

CWT's controlling shareholder flagged a potential sale of the business last year and it attracted interest from major private equity firms, Reuters reported in August, quoting sources.

CWT insiders, including the chairman and his family, own nearly 65 per cent of the company, Thomson Reuters data shows. Shares in CWT were up 7 per cent on Friday.

CWT did not immediately respond to a Reuters query.

HNA Group did not immediately respond to requests for comment.

HNA is among the Chinese companies that have been splurging on foreign acquisitions to sidestep slowing domestic growth. The total value of Chinese outbound acquisitions topped US$100 billion for the first time last year.

The Wall Street Journal earlier reported the news about HNA's talks to buy CWT's controlling stake.