[160811.EN.AIR] HNA and Bravia Capital Acquire Minority Stake In ACT Airlines

HNA Group of China and Bravia Capital have entered into an agreement to acquire a significant minority stake in Istanbul, Turkey-based ACT Airlines, for an undisclosed transaction price.

The deal represents the strategic expansion of HNA's global footprint into the high-growth market of Turkey and surrounding regions, and allows HNA to develop a cargo platform to capitalise on the growing Eurasian cargo traffic.

ACT Airlines operates a fleet of six A300 freighters, holding long-term contracts with customers such as DHL, Lufthansa, the UK Ministry of Defence and Chapman Freeborn, among others.

The company will induct 747-400 and 767 freighters into its fleet and fly a combined widebody and medium widebody strategy in both the ACMI and network segments.

ACT Airlines will change its name to MyCargo, and join a group of companies under HNA's logistics arm - the Grand China Logistics Group (GCL).
GCL operates Yangtze River Express Airlines with fourteen Boeing freighters (and another nine aircraft on order), several shipping lines with a total of 100 ships, and two shipyards.

Source : EFT, 04.08.11.