Shenzen-listed Bohai acquired the San Francisco-headquartered company from funds managed by Kelso & Co and Transportation Capital Group.
Bohai Leasing, part of China’s HNA Group, signed a memorandum of understanding (MoU) to acquire 80% of Cronos last July.
An unnamed minority investor is acquiring the remaining 20%, subject to regulatory approvals and other conditions.
Deutsche Bank Securities acted as the financial advisor to Bohai, while Sidley Austin acted as legal advisor with respect to the transaction.
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