NEW YORK, April 30, 2018 /PRNewswire/ -- SkyBridge Capital ("SkyBridge"), a leading global alternative investment firm, and HNA Capital (U.S.) Holding ("HNA Capital") today announced that the parties have mutually agreed not to pursue the transaction contemplated under the purchase agreement they entered into in January 2017.
The parties worked collaboratively over the past 15 months to secure the required regulatory approvals and satisfy all other closing conditions. While the Committee on Foreign Investment in the US ("CFIUS") offered a path to approval subject to certain mitigation measures, given that significant time has passed since the transaction was first announced and the uncertain timing of the approval process going forward, the parties determined that it is not in their business interests to pursue the transaction and have mutually agreed to ask CFIUS to allow withdrawal of the CFIUS notice.
SkyBridge and HNA Capital plan to explore the development of a mutually beneficial marketing and distribution arrangement of SkyBridge's offerings in China.
"We are grateful for the opportunity to get to know HNA and look forward to a potential productive relationship in the future," said Ray Nolte, Managing Partner and CIO of SkyBridge Capital. "Our number one priority continues to be our clients and delivering attractive risk adjusted returns, which our investment team has done successfully over the last decade."
"We have tremendous respect and admiration for SkyBridge, as well as its strong performance and track record of success, and we are pleased to have an opportunity to explore ways to leverage our respective strengths in support of a potential marketing and distribution partnership in Asia," said Guang Yang, President, HNA Group – North America.
SkyBridge will continue to be led by its current senior management team and its full investment team will remain intact. Led by highly respected industry veterans Ray Nolte and Troy Gayeski, the investment team has generated strong long-term risk adjusted returns for SkyBridge's investors.
SkyBridge founder, Anthony Scaramucci, will be returning as co-managing partner to focus on strategic planning and marketing efforts for the firm.
As previously announced, on January 17, 2017 SkyBridge signed a definitive purchase agreement with RON Transatlantic EG and HNA Capital for a majority stake in the firm.
About SkyBridge Capital
SkyBridge Capital is a global alternative investment firm with approximately $10.4 billion in assets under management or advisement as of February 2018. Addressing every type of market participant, SkyBridge's investment offerings include commingled funds of hedge funds products, customized separate account portfolios, hedge fund advisory services and a long-only mutual fund. The firm is headquartered in New York and has offices in Palm Beach Gardens, London and Seoul.
About HNA Group
HNA Group is a global Fortune 500 company focused on tourism, logistics, and financial services. Since its founding in 1993, HNA Group has evolved from a regional airline based on Hainan Island in southern China into a global company with over $145 billion in assets and more than $100 billion in annual revenues based on 2017 figures, primarily across America, Europe and Asia. HNA Capital is a subsidiary of HNA Group. For more information, visit www.hnagroup.com.
Lex Suvanto / Woomi Yun, Edelman, on behalf of SkyBridge Capital
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Robert Rendine / Brandon Messina, Sard Verbinnen & Co., on behalf of HNA Capital
SOURCE SkyBridge Capital