Cathay Pacific Airways Limited on March 27, 2019 announced it has reached agreement to acquire Hong Kong Express Holding Company Limited for HK$4.93 billion, comprising (i) a cash consideration of HK$2.25 billion payable in cash; and (ii) a non-cash consideration of HK$2.68 billion settled through the issue and novation of promissory loan notes.
Completion is conditional upon certain conditions being fulfilled, including clearances required from relevant competition authorities, consents under relevant contracts of HKE and the termination or variation of certain arrangements between HKE and its related parties.
The performance of the Seller’s obligations under the Share Purchase Agreement is guaranteed by the Seller’s Guarantor.
Upon completion of the Transaction on or before December 31, 2019, HKE will become a wholly-owned subsidiary of Cathay Pacific.
Arctic Aviation Assets Ltd. (AAA), Norwegian’s wholly owned subsidiary, has signed an agreement to lease 12 Airbus A320neo to HK Express (Hong Kong). The 12 aircraft will be delivered between 2016 and 2018.
AAA (Norwegian) has 100 Airbus A320neo airliners on order.
Arctic Aviation Assets Ltd. is a wholly owned subsidiary of Norwegian Air Shuttle and was established on August 9, 2013. The company is based in Ireland and currently manages a portfolio of 100 aircraft in addition to Norwegian’s orders for over 267 aircraft delivered during the period 2015 to 2022. The Company also has purchase options on another 160 aircraft.
Copyright Photo: Robbie Shaw/AirlinersGallery.com. HK Express currently operates a fleet of Airbus A320s with the current engines. A320-232 B-LCE (msn 2299) approaches the runway at the Hong Kong base and hub.