ANA Holdings has increased its shareholding in LCC unit Peach Aviation (MM, Osaka Kansai) after it acquired a 28% stake for an expected consideration of JPY100 billion (USD887 million).
Prior to the transaction, ANA held 38.67% of Peach with the Hong Kong-based First Eastern Aviation Holdings (FEAH) owning 33.33% and the Innovation Network Corp. of Japan (INCJ) with 28%.
In a disclosure to the Tokyo Stock Exchange (TSE) on Friday, February 24, ANA said the purchase would increase its total shareholding in Peach from 38.67% to 67%. The remaining 33% is now split between FEAH with 17.9% and INCJ with 15.1%.
Justifying the move, ANA said the shareholding increase would accelerate Peach's growth while at the same time boosting its corporate and shareholder value.
Peach Aviation operates eighteen A320-200s on scheduled passenger flights to nineteen destinations across Japan, Thailand, South Korea, Hong Kong, Taiwan, and China.
