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SkyBridge Capital, the investment firm founded by incoming White House adviser Anthony Scaramucci, agreed to sell a majority stake of itself to Chinese airline congomerate HNA Group and RON Transatlantic, the investment firm led by George Hornig who was also a key fundraiser for outgoing President Barack Obama, according to Business Insider. While financial terms weren’t disclosed, the deal includes the SkyBridge Alternatives Conference, or SALT, which is valued at about USD 200 million, and could increase to about USD 230 million if certain conditions are met, according to a Bloomberg report. SkyBridge’s senior management and investment teams will remain intact while Scaramucci will step down. Scaramucci, who started his fund-of-hedge funds firm in 2005, made the deal as the industry bleeds assets and he prepares to work for President-elect Donald Trump. Scaramucci owns about 45% of SkyBridge. For HNA, the investment builds on his logistics-to-leisure group’s acquisition spree after announcing or completing USD 30 billion of deals last year. HNA Group will make the investment via HNA Capital, which has ambitions of becoming a global investment bank and financial-services provider. The U.S.-China deal comes as Trump stokes tensions with China by deriding its trading and currency policies as unfair and harmful to the U.S. At the World Economic Forum Tuesday, Chinese President Xi Jinping cautioned against the kind of protectionism advocated by Trump, saying “No one is a winner in a trade war.” |
