Tags: Trump Administration | skybridge | scaramucci | sale | white house | job

SkyBridge Sale on Track After Scaramucci Loses White House Job

Image: SkyBridge Sale on Track After Scaramucci Loses White House Job

Anthony Scaramucci (Photo by Mark Wilson/Getty Images)

Tuesday, 01 Aug 2017 12:51 PM

Anthony Scaramucci’s deal to sell his stake in SkyBridge Capital is on track following his ouster as White House communications director.

SkyBridge’s deal to sell a majority stake to a subsidiary of HNA Group Co., the Chinese conglomerate, and a little-known investment firm called RON Transatlantic is still expected to close within the next few weeks, spokesmen for the firms said Tuesday.

“The news about Anthony Scaramucci leaving his role as White House communications director has no impact on HNA’s commitment to closing the SkyBridge transaction as soon as possible," Robert Rendine, a spokesman for HNA, said in an email. “We fully expect it to move forward and there is no change from our hope that it will be closed by the end of the summer."

The “transaction remains on track for approval," Rich Myers, a spokesman for SkyBridge Capital said in an email.

Scaramucci was fired Monday by newly appointed White House Chief of Staff John Kelly just 10 days after he was tapped for the post. Kelly was disturbed by the former Wall Street executive’s vulgar rant about his predecessor Reince Priebus, according to a person familiar with his thinking. White House Press Secretary Sarah Huckabee Sanders told reporters Monday that Scaramucci “does not have a role at this time in the Trump administration” and won’t return to a previous job at the Export-Import Bank.

Scaramucci didn’t respond to requests for comment on his plans or on the SkyBridge transaction.

The SkyBridge sale is under review by the Committee on Foreign Investment in the United States, an interagency committee that vets sales of American companies to foreign buyers to protect national security. The committee is facing a backlog of cases as it waits for the president to fill senior posts at member agencies.

People familiar with the sale have said that nothing about the SkyBridge approval process has been irregular. In a statement posted to its website July 28, the investment firm said it hopes for a regulatory nod for the transaction "in the next 45 days or so."

Other factors could complicate the sale. On Tuesday Senator Chuck Schumer, Democrat of New York, urged President Donald Trump to use his authority over CFIUS to block all mergers and acquisitions in the U.S. by Chinese companies until China helps "rein in North Korea’s threatening and destabilizing behavior." Regulators in Europe and the U.S. have also raised questions about HNA’s ownership structure, though the firm’s other proposals to purchase companies have succeeded in the recent past.

China is also stepping up scrutiny of its biggest dealmakers, including HNA and Anbang Insurance Group Co., as the government seeks to clamp down on capital outflows and debt.

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Anthony Scaramucci's deal to sell his stake in SkyBridge Capital is on track following his ouster as White House communications director.SkyBridge's deal to sell a majority stake to a subsidiary of HNA Group Co., the Chinese conglomerate, and a little-known investment firm...
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Tuesday, 01 Aug 2017 12:51 PM
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