News

Cathay Pacific to Buy Hong Kong Express for €557m

Cathay Pacific to Buy Hong Kong Express for €557m

Cathay Pacific Airways is to buy low-cost carrier Hong Kong Express, which flies to destinations across Asia, for HK$4.93 billion (€557m).

“We intend to continue to operate Hong Kong Express as a stand-alone airline using the low-cost carrier business model,” said Cathay Pacific. “Hong Kong Express captures a unique market segment and the deal represents an attractive and practical way for the Cathay Group to support the long-term development and growth of our aviation business and to enhance the competitiveness of the Hong Kong hub during a time of intense regional competition.”

The transaction is expected to be completed by the end of the year. Cathay Pacific returned to profit last year after two years of losses, after launching a cost-cutting programme. The deal will see Cathay controlling three of the four airlines at one of Asia’s busiest airports.

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

NEIL STEEDMAN has been a trade journalist, editor and proofreader for 53 years, and ITTN's News & Features Editor for 43 years. His travel blog is at www.thetravelbuddhist.com.

More in News

ITB Berlin to Remain Virtual-Only in 2021

Neil SteedmanOctober 29, 2020

Almost 200 European Airports Facing Insolvency in Coming Months, Warns ACI Europe

Neil SteedmanOctober 27, 2020

Irish people hoping for a jet-set summer as Aer Lingus research unveils 2021 travel trends

Michael FloodOctober 27, 2020

IATA Urges Government Focus on Testing to Replace Quarantine

Neil SteedmanOctober 27, 2020

Irish Golfers Spend €584 per day on Golf in Spain

Michael FloodOctober 27, 2020

International Co-ordination Could See Tourism Recover by 2022, Says WTTC

Neil SteedmanOctober 27, 2020

Two Steps to Marketing Your Business Out of COVID-19 in Partnership with The Five Percent

Michael FloodOctober 27, 2020

PATA announces dates for Virtual Roadshows

Michael FloodOctober 27, 2020

Global Recognition For Dublin Airport’s COVID-19 Safety Measures

Michael FloodOctober 27, 2020

Copyright © 2019 Belgrave Group Limited, C4 Nutgrove Office Park, Nutgrove Avenue, Rathfarnham, Dublin 14, Ireland