Cathay Pacific agrees to acquire Hong Kong Express (HK Express)

OAG reveals U.S. as home to eight of the top 10 busiest long-haul routes in the world
March 27, 2019
Delta will boost available seats between Atlanta-San Juan, anticipating heavy holiday travel
March 28, 2019

Cathay Pacific agrees to acquire Hong Kong Express (HK Express)

Cathay Pacific Airways has issued this statement:

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.