Air France-KLM Royal Dutch Airlines has announced it has concluded the sale of a 49.99% stake in its Servair in-flight catering unit to Swiss airline catering provider gategroup.

The transaction has an enterprise value of approximately EUR237.5 million euros (USD248 million).

"This sale will be effective as of December 30, 2016, and the new Board of Directors, controlled by gategroup, will take office as of January 1, 2017," a statement said.

The purchase follow's Chinese conglomerate HNA Group's buyout of gategroup for USD1.5 billion in July this year.