HNA Group Co. and SkyBridge Capital have mutually agreed to drop the Chinese conglomerate’s plan to acquire the investment firm and founder Anthony Scaramucci will return as a co-managing partner.
HNA Group Co. and SkyBridge Capital have mutually agreed to drop the Chinese conglomerate’s plan to acquire the investment firm and founder Anthony Scaramucci will return as a co-managing partner.
The companies are exploring a relationship to distribute SkyBridge products in China, according to a person familiar with the matter, who declined to be named because the information is private. Both sides agreed that U. S. government approval would take too long.
Scaramucci, the former White House communications director, will focus on strategic planning and marketing. An HNA spokesman said the company hasn’t made any announcement. A SkyBridge spokeswoman declined to comment.
HNA and Scaramucci were awaiting a decision from the government panel that reviews foreign acquisitions of American businesses. The panel, which examines whether transactions may pose a national security risk, told the companies extra steps were needed to proceed with the deal, the person said.
The Trump administration has increased scrutiny of Chinese buyers amid trade tensions between the two countries.
