EU to decide on Radisson hotels sale to Jin Jiang in November, European Commission says

Pending regulatory approval, Radisson will be sold to a consortium led by Jin Jiang (Source: Getty)

HNA Group will soon find out if its sale of the Radisson hotel chain will be approved after European authorities said they would decide on the case by 6 November.

The cash-strapped company, which has offloaded $17bn (£13bn) so far this year to lower debt, agreed to sell its hotel chain to a consortium led by Jin Jiang International Holdings in August.

The buyers will acquire 51.15 per cent of the outstanding shares in Stockholm-listed Radisson Hospitality, for around 3bn Swedish krona (£259m).

They will buy a further 18.5 per cent stake which HNA had transferred to a lender as security.

Swedish rules mean the consortium must then launch a mandatory public tender offer for the remaining shares in Radisson.

The paperwork was filed with the European Commission on Friday, and a provisional deadline has been set for November.