HNA Group Company Limited (HNA) of China announced they have agreed to acquire GE Capital’s TIP Trailer Services, a European market leading provider of transport equipment leasing, rental and service solutions, subject to customary closing conditions, including regulatory approvals.

Following the completion of the acquisition TIP will operate a network of 48 branches throughout 16 European countries, with over 100 rental locations, more than 50 workshops and 100 mobile service vans. TIP has a transport equipment fleet in excess of 45,000 units.

“This is an exciting and positive step forward for TIP Trailer Services.” says Bob Fast, president and CEO of GE’s TIP Trailer Services. “It’s great news for our employees, customers and partners. TIP will continue to be a trusted, long-term partner with solid financial backing from a leading global firm prepared to invest in the business.”