Scaramucci says SkyBridge will form joint venture with HNA to tap Chinese market

Finance news

China’s HNA Group and SkyBridge Capital have formed a joint venture so former Trump White House communications director Anthony Scaramucci’s firm can tap into the Chinese market.

“HNA and the SkyBridge team, we worked very hard over the weekend to craft a joint venture,” Scaramucci said Tuesday on CNBC’s “Halftime Report.” We’ll “use their great brand to grow in China, increase SkyBridge’s growth, and so forth.”

Scaramucci is returning to his investment firm SkyBridge Capital as co-managing partner. On Monday, news broke that HNA is withdrawing its offer to acquire the fund company.

“Frankly we see China as a huge growth opportunity as business people, and we’re very excited to get a foot on the ground in China,” Scaramucci added. He said the joint venture falls outside the purview of the Committee on Foreign Investment in the United States.

The committee’s increased scrutiny of foreign acquisitions led to delays in closing HNA’s deal to purchase Scaramucci’s ownership in SkyBridge last year. The move came as the investor was preparing to join the White House as communications director, a position he held for only 10 days.

— CNBC’s Leslie Picker and Liz Moyer contributed to this report.

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