HNA Group acquires Australia's AHG refrigerated logistics unit

China’s HNA group has continued its transport and logistics acquisition spree after agreeing to buy the cool chain logistics operations of Australia’s Automotive Holdings Group (AHG) for A$400m (US$305m).

AHG’s refrigerated logistics brands comprise Rand, Harris, Scott’s road and rail transport and warehouse operations, and JAT Transport, and HNA is set to acquire firms through its Australian subsidiary CC Logistics.

It will pay A$280m in cash and assume the remaining A$120m in finance lease liabilities, and existing chief executive Stephen Cleary will ...