Cathay Pacific acquires 100% of HK Express

Cathay Pacific entered (27-Mar-2019) a share purchase agreement for the acquisition of 100% of HK Express for HKD4.93 billion (USD628.1 million), comprising HK2.25 billion (USD286.7 million) in cash and a non cash component of HKD2.68 billion (USD341.4 million). The transaction is expected to complete on or before 31-Dec-2019, by which time HK Express will become a wholly owned subsidiary of Cathay Pacific. Cathay noted the transaction will be good for the Hong Kong hub and good for the Cathay Pacific Group as the airlines' business and business models are large complementary. HK Express will be operated as a stand alone airline using the LCC model. [more - original PR - English/Chinese]