HNA Holding Group has offered to buy Singaporean logistics firm CWT Group for USD1 billion. The group already spent more than USD30 billion on acquisitions around the world since last year. The Hong Kong-listed unit of HNA Group would offer a 13% premium above the stock’s last trading price on April 5 before it was suspended. Established in 1970 as a private arm of the Port of Singapore Authority, CWT is a leading provider of logistics, commodity marketing, financial and engineering services with operations in 90 countries. The company was listed on the Singapore Exchange in 1993. CWT’s major shareholders, including C&P Holdings and Loi Kai Meng among others, hold 65.13% of the company. If 90% of its shareholders accept the offer, it will become compulsory. Preconditions for the deal include approval by Singapore’s anti-monopoly body and support by HNA shareholders during an upcoming meeting. HNA said the acquisition was “strategically beneficial to the group” as it sought to diversify from tourism and property to become a leading logistics player with global reach, the South China Morning Post reports.