Global Eagle Entertainment calls off $416m pact with China's HNAStaff Writer | July 26, 2017
U.S.-based Global Eagle Entertainment said a $416 million investment from a unit of Chinese conglomerate HNA Group has been canceled as the deal did not receive regulatory approval by an agreed date.
Investment Absence of regulatory nod
In November, Global Eagle and HNA unit Beijing Shareco Technologies Co Ltd said Shareco would acquire up to 34.9 percent of the U.S. firm for about $416 million and become its single largest shareholder.
The pair also planned to form a Chinese joint venture focused on in-flight entertainment and connectivity (IFEC).
Global Eagle said in its filing that with the main investment agreement canceled, "other related agreements" entered into with Beijing Shareco would also be terminated. ■