HNA Innovation Finance Group, a financial unit of HNA Group, has completed the acquisition of part of Glencore’s assets in a long-expected deal which would help expand the Chinese leading conglomerate’s footprint in the global commodity business.

Switzerland-based Glencore, one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities, announced on Friday it has completed the sale of a 51 percent interest in HG Storage International Limited (HGSI) to HNA IFG, a transaction which was announced March 31.

HGSI is a new vehicle which has consolidated Glencore's petroleum products storage and logistics businesses into a global portfolio of high-caliber assets, located in strategic trading hubs across Europe, Africa, the Middle East and the Americas, according to the announcement.

Glencore and HNA have also entered into a second agreement, pursuant to which three of the original transaction assets located in the USA will be transferred into HGSI in 2018, subject only to the receipt of satisfactory CFIUS clearance.

Of the original purchase price of $775 million, $579 million is attributable to Friday’s closing (subject to customary closing adjustments), with the balance payable upon closing of the second agreement.

HGSI intends to expand its global footprint through acquisitions and organic growth supported by its shareholders.

A combined board and management team with extensive operational and trading experience is in place to execute HGSI's growth plans and utilise the strengths of Glencore and HNA groups globally.

Qi Guanghui, spokesman of HNA IFG, regarded Glencore as an “strategic partner” in global commodity business.

The deal, Qi said, will bring new growth for HNA Group.

It will also be the group’s “concrete measure” to support Belt and Road construction, and “to further global trade integration”, he added.

Founded in Hong Kong in March, HNA IFG is the only overseas registered member amongst HNA Group’s seven major industry units. Its main business covers bulk commodity trading, financial investment and consumer finance products and services.