Haikou-based Hainan Airlines Group sealed a deal to invest in Istanbul-based cargo carrier ACT Airlines. HNA, which has made clear that it wants to invest abroad (ATW Daily News, July 19), didn’t reveal how much money it will put into ACT or how large its holding will be.
ACT was launched in 2004 and operates a fleet of four Airbus A300-B4 freighters. Its fleet is expected to expand to 10 aircraft in the next two years, aided in part by the HNA investment.
In October 2010, HNA invested in the Turkish MRO company myTECHNIC and has said it plans to increase its stake. It has been negotiating to invest in financially troubled Malev Hungarian Airlines and has expressed interest in a stake in Germany’s Hochtief Airport.
via Hainan Airlines to invest in Turkish cargo carrier ACT | ATWOnline.