Bravia Capital and HNA Group acquire Turkey’s ACT Airlines
Hong Kong-based Bravia Capital and Haikou-based HNA Group, parent of Hainan Airlines, said Monday they have acquired Istanbul-based all-cargo carrier ACT Airlines.
Financial terms were not disclosed. HNA revealed earlier this year that it would invest in ACT (ATW Daily News, July 25). "The transaction represents the strategic expansion of China’s global footprint into the high-growth marketplace of Turkey and surrounding regions," Bravia and HNA said in a joint statement.
The companies added that ACT Airlines "has been rebranded and will trade as MyCargo Airlines." HNA said the Turkish carrier will operate under its Grand China Logistics Group.
HNA general manager-cargo Zhang Youqiang, who was appointed the new chairman of MyCargo, said that Turkey and the surrounding "region is a strategic focus for HNA, and we hope to utilize our investments to develop a full-service logistics hub for the surrounding growth regions. HNA’s flagship airline, Hainan Airlines, has already begun passenger service to Istanbul, and we intend to expand our product offering in developing air cargo, shipping and tourism businesses in the area."
Yavuz Cizmeci, who had been part of ACT’s previous ownership, was described by Bravia/HNA as MyCargo’s CEO. In a statement, he said, "We are in discussions … to expand our business severalfold and we have already increased fleet capacity in order to meet the growing demand. In addition, we have several large-scale initiatives planned to develop operating platforms in Europe and Africa."
ACT/MyCargo currently operates six Airbus A300-200 freighters and counts DHL and Lufthansa as customers. Bravia/HNA said they will deliver two Boeing 747-400 freighters to MyCargo to be put into service this year. "Bravia and HNA have [also] committed to source and deliver up to 10 A300-600 freighters and three additional 747-400 freighters over the next two years," the companies said.
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