April 12, 2018 / 4:57 AM / 8 months ago

General Dynamics' unit buys HNA's Hawker Pacific for $250 million

FILE PHOTO: A General Dynamics sign is shown at the International Association of Chiefs of Police conference in San Diego, California, U.S. October 17, 2016. REUTERS/Mike Blake/File Photo

(Reuters) - China’s HNA Group [HNAIRC.UL] is selling Hawker Pacific, an aircraft management services firm to General Dynamics Corp (GD.N) unit Jet Aviation for $250 million, the latest in a long line of asset sales for the debt-laden conglomerate.

The aviation-to-financial services conglomerate bought a 65.8 percent stake in Hawker Pacific in 2014. The Australia-based firm provides customers in Asia Pacific and the Middle East with aircraft and helicopter management services as well as supplies.

Hawker Pacific booked revenue of about A$185 million ($143 million) in the 2017 financial year, according to a HNA sales document.

Since the start of the year, HNA has agreed to sell more than $10 billion in prime real estate abroad as well as shares in Deutsche Bank (DBKGn.DE), Park Hotels & Resorts (PK.N), Hilton Grand Vacations Inc (HGV.N) and Hilton Worldwide Holdings (HLT.N).

HNA signed a memorandum of understanding with Singapore state investor Temasek to explore partnerships in aviation and logistics on Tuesday.

(This story has been refiled to remove repeated text from the first paragraph)

Reporting by Aaron Saldanha in Bengaluru; Editing by Muralikumar Anantharaman and Edwina Gibbs

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