25-Oct-2011 8:55 AM

HNA Group and Bravia Capital complete acquisition of ACT Airlines; rebranded as MyCargo Airlines

HNA Group Co Ltd (HNA) and Bravia Capital (Bravia) announced (24-Oct-2011) the completion of the acquisition of ACT Airlines. The transaction represents the strategic expansion of China's footprint into the high-growth marketplace of Turkey and surrounding regions, and allows Bravia and HNA to build a cargo platform to capitalise on the growing Eurasian cargo traffic. The Istanbul-based air cargo operator has been rebranded and will trade as MyCargo Airlines to operate under the Grand China Logistics Group (GCL), the logistics arm of HNA. In implementing its new business plan, Bravia and HNA have financed and delivered two B747-400F into MyCargo Airlines. Both aircraft will be operational in 2011. In addition, Bravia and HNA have committed to source and deliver up to 10 A300-600Fs and three additional B747-400Fs over the next two years. The newly inducted aircraft will both renew its existing fleet and expand capacity. MyCargo Airlines will operate both medium and large widebody aircraft in both the ACMI and network segments. [more - original PR]

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