Leading global foreign exchange specialist, International Currency Exchange ("ICE"), to be acquired by China’s HNA Group
Leading global foreign exchange specialist, International Currency Exchange, has reached agreement to be acquired by HNA Group subsidiary, HNA Tourism, from UK-based investment holding company, Lenlyn Holdings Limited.
Founded in 1973 and headquartered in London, ICE is one of the world's largest and leading currency exchange retailers. ICE’s market position is underpinned by a truly international footprint across 19 countries, with a network of over 350 branches and bureaux in 70 airport and multiple non-airport, high footfall locations. ICE's main business activities include foreign currency exchange and foreign currency ATM operations and it turns-over in excess of £1bn in currency per annum. ICE is well-known and characterised by its vibrant and trusted international consumer brand.
HNA Group, a Global Fortune 500 company, is a diversified mainland China-based industrial conglomerate, with business interests across aviation (Hainan Airlines), tourism, financial services, logistics and eco-tech.
ICE will become part of HNA Tourism which is a strategic pillar of HNA Group, and is a modern large scale tourism enterprise specialised in air travel, and operating an integrated supply chain comprising hospitality management, aviation, tourism, finance, investment, e- commerce, etc. To date, its service network extends over Asia Pacific, Africa, Europe and the Americas, offering access to: a fleet of 152 aircraft; 450 hotels across more than 30 countries and territories; 1,102 cars for rent and over 80 travel retail stores.
HNA Tourism Group said: "the acquisition of one of the world's largest currency exchange companies, ICE, adds significant weight to HNA Tourism’s building of an integrated industry value chain, as well as adds wings to our global coverage of financial services for overseas tourism, and will provide important support to the acceleration of the pace of our internationalisation".
Koko Sarkari, Chief Executive Officer of ICE said: "The acquisition of ICE by HNA Tourism represents a major vote of confidence in the quality of ICE and marks the next phase in the growth story of the Company, providing great opportunities for future expansion. We have a phenomenal platform from which we can build and grow ICE even further, and I am confident that it will continue to go from strength to strength under HNA."
Peter Ibbetson, Chairman of the Lenlyn Group said: "ICE is one of the leading global foreign exchange bureau businesses which has been grown by the Lenlyn Group over the past 40 years. We are delighted to have agreed to sell the full foreign exchange and ATM businesses to the HNA Group to facilitate further growth within the HNA Tourism franchise."
Deloitte Corporate Finance acted as exclusive financial adviser and Addleshaw Goddard as legal adviser to Lenlyn Holdings on the sale to HNA. The transaction remains subject to customary regulatory and other approvals and consents.