Milliyet - HNA Group, owner of China’s fourth largest airline, Hainan Airways, announced a partnership deal with Turkish air cargo carrier ACT Airways. The deal involves the acquisition of a 49 percent stake in ACT Airways by HNA Group for a total consideration of USD 25 million.
HNA plans to change the company’s name to “My Cargo” in the near future and to add three new Boeing aircrafts to enlarge the airline’s fleet, according to company officials announcing the deal.
HNA Group first entered Turkey through investment in Istanbul-based aircraft maintenance and repair company myTechnic in May. The global group operates in airline, logistics, tourism, real estate, retailing and airport management businesses with a staff of 90,000.