|Photo by Freeimages.com/Oden Jaegar|
Abercrombie & Kent Group of Companies S.A. (A&K) and Zhonghong Group have announced that Zhonghong has agreed to purchase a majority of the equity interests in A&K from its current owners, including a company owned by investment funds managed by an affiliate of Fortress Investment Group LLC (NYSE: FIG).
Zhonghong is principally engaged in the development and operation of tourism-related properties and commercial real estate.
Abercrombie & Kent will retain its distinctive brand, culture and operating independence under the leadership of founder Geoffrey Kent as chairman and CEO, who will maintain a meaningful ownership interest alongside his new partners, the two companies said in a written release. The transaction is expected to close in the third quarter of 2016.