HNA Tourism has agreed to buy global foreign exchange specialist, International Currency Exchange (ICE), from UK-based investment holding company Lenlyn Holdings Limited for an undisclosed fee.
Founded in 1973 and headquartered in London, ICE has a network of over 350 branches and bureaux in 70 airports and multiple non-airport, high footfall locations in 19 countries across the globe.
ICE’s main business activities include foreign currency exchange and foreign currency ATM operations and it turns-over in excess of £1bn in currency per annum.
According to purchaser HNA Tourism, a subsidiary of China’s HNA Group, ICE is well-known and characterised by its vibrant and trusted international consumer brand.
HNA Group, a Global Fortune 500 company, is a diversified mainland China-based industrial conglomerate, with business interests across aviation (Hainan Airlines), tourism, financial services, logistics and eco-tech.
To date, its service network extends over Asia Pacific, Africa, Europe and the Americas, offering access to: a fleet of 152 aircraft; 450 hotels across more than 30 countries and territories; 1,102 cars for rent and over 80 travel retail stores.
Deloitte Corporate Finance acted as exclusive financial adviser and Addleshaw Goddard as legal adviser to Lenlyn Holdings on the sale to HNA.
The transaction remains subject to customary regulatory and other approvals and consents.
Sourde: Airport World Magazine (ACI)
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