HNA Group and RON Transatlantic EG have signed an agreement to purchase a majority stake in SkyBridge Capital, a New York-based alternative investment company founded by staunch Donald Trump supporter and now adviser to the White House Anthony Scaramucci.
HNA, the parent company of Hainan Airlines Co. Ltd, is looking to boost its global asset management portfolio through the acquisition, China Daily reported.
"SkyBridge is a unique and innovative investment platform with a powerful brand that is well positioned to provide retail investors and their financial advisers with one-stop access to sophisticated alternative investment products," HNA Capital CEO Yang Guang was quoted as saying by China Daily. "Our investment in SkyBridge is an important step in HNA Capital's strategy to build a global asset management business."
The deal will be HNA's first purchase of an alternative investment firm. It is also expected to fatten its portfolio, which is now estimated at more than 600 billion yuan ($87 billion), per China Daily.
"SkyBridge has a comprehensive and in-depth knowledge of the U.S. hedge fund market, and its portfolio includes many famous U.S. hedge funds," said Pang Guoteng, an analyst at Morning Whistle Group, in a report by Caixin.com.
While figures are still undisclosed, the transaction comprises the SkyBridge Alternatives Conference, which is valued at $200 million to $230 million, according to Bloomberg, citing sources familiar with the matter.
Scaramucci is scheduled to step down once the deal is closed, while SkyBridge's senior management teams will keep their positions. The deal is likely to close by June.
"While I am moving on to a new chapter in my career, I am truly excited about what the future holds for SkyBridge and the opportunities that RON Transatlantic and HNA Capital U.S. will bring to serving the firm's clients." Scaramucci said in a statement obtained by CNBC.
RON Transatlantic currently has more than 5 percent shares in SkyBridge, per a regulatory filing in 2016.