CWT confirmed on its website that HNA Belt & Road Investments, a subsidiary of the Chinese travel and tourism conglomerate, has made a “pre-conditional voluntary general offer” for the company, worth SG$2.33 per share. This would value the deal at approximately SG$1.4 billion (US$995 million).

This continues HNA Group’s expansion-by-acquisition strategy, which has already seen the company acquire stakes companies including Hilton, Carlson and NH Hotels, airlines Azul and Aigle Azur, and Swiss aviation companies Swissport and Gategroup.

The company already operates a large portfolio of Chinese travel companies, including Hainan Airlines and Caissa Touristic.