HNA Group Co. sold its Hilton Grand Vacations Inc. shares for $1.1 billion, the once-acquisitive Chinese conglomerate’s latest asset disposal to repay debts.
HNA sold 22.3 million shares at $46.25 a share, or 1.6 percent below the stock’s latest closing price, according to a statement late Wednesday. Separately, HNA sold 2.5 million shares back to the Orlando, Florida-based timeshare company for $44.75 apiece. Overall, the shares were sold at 90 percent above what HNA originally paid.
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