Air France-KLM has finalized the sale of 49.99% of catering firm Servair to Chinese conglomerate HNA Group and raised a further €201 million ($211.4 million) by selling a 1.13% stake in Amadeus.

HNA Group is buying the Servair shares to support its recent acquisition of major airline catering firm Gategroup, which was transferred to HNA Dec. 22.

Following the Servair agreement, which was finalized Dec. 28, Air France will hand operational control of Servair to Gategroup. The deal values 100% of Servair at €475 million.

The sale was effective Dec. 30, 2016, and the new board of directors, controlled by Gategroup, took office Jan. 1.

Together Servair and Gategroup have more than 200 facilities, 39,000 employees and 300 airline customers, making it the “global number one in inflight catering, according to Air France-KLM.

“With this transaction, Air France pursues the refocusing on its core businesses and its debt reduction strategy. The structure of the transaction will also enable Air France to account 50% of Servair’s net result using the equity method,” the company said.

A few days earlier, on Dec. 23, the Franco-Dutch Group announced that it had also sold 4,950,000 shares in aviation IT specialist Amadeus—representing around 1.13% of Amadeus’ total share capital.

“The net proceeds of the transaction amount to €201 million. Air France-KLM retained its hedge over 4,950,000 shares, which represents around 1.13% of the share capital of Amadeus,” Air France-KLM said, adding the funds will also be used to cut debt.

Victoria Moores victoria.moores@penton.com