Jul 31, 2017

China's HNA reiterates commitment to buy Scaramucci firm

Dan Primack, author of Pro Rata

AP Photo/Pablo Martinez Monsivais

Anthony Scaramucci might be out as President Trump's communications director, but that will not affect the pending sale of his SkyBridge hedge fund business to China's HNA Group. Or so says HNA, via an outside spokesman's comment to Axios:

"The transaction remains on track and is expected to close by the end of the summer."

Due diligence: A source familiar with the situation says that Scaramucci, who officially left Skybridge when the deal was announced in January, has no right to terminate it. But it still faces regulatory scrutiny in both the U.S. and in China. No price was ever disclosed for the sale, although Forbes estimated SkyBridge to be valued at between $200 million and $230 million -- which would mean around a $77 million after-tax payday for Scaramucci.

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