All Nippon Airways (ANA), Japan’s largest airline, has acquired a stake in Philippine Airlines (PAL) Holdings Inc.
The deal is worth US $95 million, and secures ANA Holdings a stake of 9.5 per cent in the flag-carrier of the Philippines. This is part of ANA’s mid-term corporate growth strategy, which aims to expand the airline’s international network by cooperating with foreign carriers.
In a statement, ANA says it is purchasing the shares from Trustmark Holdings Corporation, the largest shareholder of PAL Holdings.
Asia is a key growth market and we believe Philippine Airlines is in an excellent operational position to capitalize on both the strong uptick in air traffic growth as well as the vibrant, expanding Philippine economy. We look forward to expanding our business relationship with Philippine Airlines […]
Shinya Katanozaka, President and CEO of ANA Holdings Inc.
Philippine Airlines currently operates nine routes to Japan with a total of 84 weekly flights, while ANA operates two routes to the Philippines with seven weekly flights each. The two carriers already have codeshare agreements in place.
This investment by ANA could potentially see Philippine Airlines join the Star Alliance. PAL is the only remaining major south-east Asian flag-carrier that is not part of an airline alliance. All Nippon joined Star Alliance in 1999.
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