Cathay Pacific acquires 100% of HK Express

    Cathay Pacific announced (27-Mar-2019) it entered 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 when 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 two airlines’ respective business and business models are large complementary. HK Express will be operated as a stand alone airline using the LCC model.