Cathay Pacific acquires Hong Kong Express

The highly-anticipated acquisition of Hong Kong Express Airways by Cathay Pacific was confirmed today for a total purchase price of $4.93bn Hong Kong dollars ($628million) to be made in cash and promissory loan notes. When the transaction is complete, on or before December 31, 2019, HK Express will become a wholly-owned subsidiary of Cathay Pacific. The acquisition still needs to be approved by competition authorities and is also subject to consents under certain contracts of HK Express. In a stock market filing, Cathay Pacific states that the acquisition will “generate synergies as the businesses and business models of Cathay Pacific