China's HNA Group is dropping its bid to acquire former White House aide Anthony Scaramucci's SkyBridge Capital, a source familiar with the matter confirmed to CNBC.
The deal had endured months of delay and a national security review of companies being sold to foreign buyers. HNA may strike a partnership instead, though the size and details are unknown. Dow Jones first reported the end of the deal on Monday, citing sources.
The source told CNBC that the two sides will announced an agreement to withdraw their filing from the Committee on Foreign Investment in the U.S., the group that reviews cross border deals. They are terminating the purchase agreement after deciding that, because of the uncertainty of the timing it would take to complete a deal, it was no longer in their best interests, the source said.
Scaramucci reached the agreement to sell his ownership in the business to HNA last year in the process of cutting business ties so he could get a job in the Trump White House. He only lasted 10 days as White House communications director.
Instead, Scaramucci is returning to the fund company as co-managing partner, focused on marketing and strategic planning. SkyBridge and HNA are exploring a possible marketing relationship to distribute SkyBridge's offerings in China.