The operator of Cathay Pacific Airways is acquiring budget regional carrier HK Express, which it will continue to operate as a low-cost carrier.
Cathay Pacific Group said Wednesday it will pay a total of 4.93 billion Hong Kong dollars ($628 million) for HK Express, which will remain a separate brand.
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In this March 26, 2019 photo, passengers wait at the check-in counter of Hong Kong Express Airways at the Hong Kong International Airport. Cathay Pacific Airways is acquiring Hong Kong-based budget airline HK Express. Cathay said Wednesday, March 27, 2019, it will pay 4.93 billion Hong Kong dollars ($628 million) for HK Express. It said the acquisition will retain its identity as a separate brand and be operated as a low-cost carrier. (AP PhotoKin Cheung)
In this March 26, 2019 photo, a Cathay Pacific Airways passenger aircraft lands at the Hong Kong International Airport. Cathay Pacific Airways is acquiring Hong Kong-based budget airline HK Express. Cathay said Wednesday, March 27, 2019, it will pay 4.93 billion Hong Kong dollars ($628 million) for HK Express. It said the acquisition will retain its identity as a separate brand and be operated as a low-cost carrier. (AP PhotoKin Cheung)
FILE - In this Aug. 16, 2017, file photo, Cathay Pacific Chairman John Slosar attends a news conference in Hong Kong. Cathay Pacific Airways is acquiring Hong Kong-based budget airline HK Express. Cathay said Wednesday, March 27, 2019, it will pay 4.93 billion Hong Kong dollars ($628 million) for HK Express. It said the acquisition will retain its identity as a separate brand and be operated as a low-cost carrier. (AP PhotoVincent Yu, File)
In this March 26, 2019 photo, a Cathay Pacific Airways passenger aircraft takes off at the Hong Kong International Airport. Cathay Pacific Airways is acquiring Hong Kong-based budget airline HK Express. Cathay said Wednesday, March 27, 2019, it will pay 4.93 billion Hong Kong dollars ($628 million) for HK Express. It said the acquisition will retain its identity as a separate brand and be operated as a low-cost carrier. (AP PhotoKin Cheung)
In this March 26, 2019 photo, a Hong Kong Express Airways passenger aircraft lands at the Hong Kong International Airport. Cathay Pacific Airways is acquiring Hong Kong-based budget airline HK Express. Cathay said Wednesday, March 27, 2019, it will pay 4.93 billion Hong Kong dollars ($628 million) for HK Express. It said the acquisition will retain its identity as a separate brand and be operated as a low-cost carrier. (AP PhotoKin Cheung)
In this March 26, 2019 photo, passengers wait at the check-in counter of Hong Kong Express Airways at the Hong Kong International Airport. Cathay Pacific Airways is acquiring Hong Kong-based budget airline HK Express. Cathay said Wednesday, March 27, 2019, it will pay 4.93 billion Hong Kong dollars ($628 million) for HK Express. It said the acquisition will retain its identity as a separate brand and be operated as a low-cost carrier. (AP PhotoKin Cheung)
In this March 26, 2019 photo, a Cathay Pacific Airways passenger aircraft takes off from the Hong Kong International Airport. Cathay Pacific Airways is acquiring Hong Kong-based budget airline HK Express. Cathay said Wednesday, March 27, 2019, it will pay 4.93 billion Hong Kong dollars ($628 million) for HK Express. It said the acquisition will retain its identity as a separate brand and be operated as a low-cost carrier. (AP PhotoKin Cheung)
In this March 26, 2019 photo, passengers wait at the check-in counter of Cathay Pacific Airways at the Hong Kong International Airport. Cathay Pacific Airways is acquiring Hong Kong-based budget airline HK Express. Cathay said Wednesday, March 27, 2019, it will pay 4.93 billion Hong Kong dollars ($628 million) for HK Express. It said the acquisition will retain its identity as a separate brand and be operated as a low-cost carrier. (AP PhotoKin Cheung)
In this March 26, 2019 photo, staff members chat at the check-in counter of Cathay Pacific Airways at the Hong Kong International Airport. Cathay Pacific Airways is acquiring Hong Kong-based budget airline HK Express. Cathay said Wednesday, March 27, 2019, it will pay 4.93 billion Hong Kong dollars ($628 million) for HK Express. It said the acquisition will retain its identity as a separate brand and be operated as a low-cost carrier. (AP PhotoKin Cheung)
In this March 26, 2019 photo, a passenger uses the check-in machine of Cathay Pacific Airways at the Hong Kong International Airport. Cathay Pacific Airways is acquiring Hong Kong-based budget airline HK Express. Cathay said Wednesday, March 27, 2019, it will pay 4.93 billion Hong Kong dollars ($628 million) for HK Express. It said the acquisition will retain its identity as a separate brand and be operated as a low-cost carrier. (AP PhotoKin Cheung)
Cathay Pacific Group's airlines serve 130 destinations throughout Asia, Europe and North America. It acquired regional carrier Dragonair in 2006 and also owns Air Hong Kong.
In this March 26, 2019 photo, passengers wait at the check-in counter of Hong Kong Express Airways at the Hong Kong International Airport. Cathay Pacific Airways is acquiring Hong Kong-based budget airline HK Express. Cathay said Wednesday, March 27, 2019, it will pay 4.93 billion Hong Kong dollars ($628 million) for HK Express. It said the acquisition will retain its identity as a separate brand and be operated as a low-cost carrier. (AP PhotoKin Cheung)
HK Express, founded in 2013, serves destinations throughout East and Southeast Asia.
Cathay said it will pay for HK Express with a combination of 2.25 billion Hong Kong dollars ($286 million) in cash and 2.68 billion Hong Kong dollars ($341 million) in promissory loan notes.
Cathay said the transaction would be completed by the end of this year.
In this March 26, 2019 photo, a Cathay Pacific Airways passenger aircraft lands at the Hong Kong International Airport. Cathay Pacific Airways is acquiring Hong Kong-based budget airline HK Express. Cathay said Wednesday, March 27, 2019, it will pay 4.93 billion Hong Kong dollars ($628 million) for HK Express. It said the acquisition will retain its identity as a separate brand and be operated as a low-cost carrier. (AP PhotoKin Cheung)
FILE - In this Aug. 16, 2017, file photo, Cathay Pacific Chairman John Slosar attends a news conference in Hong Kong. Cathay Pacific Airways is acquiring Hong Kong-based budget airline HK Express. Cathay said Wednesday, March 27, 2019, it will pay 4.93 billion Hong Kong dollars ($628 million) for HK Express. It said the acquisition will retain its identity as a separate brand and be operated as a low-cost carrier. (AP PhotoVincent Yu, File)
In this March 26, 2019 photo, a Cathay Pacific Airways passenger aircraft takes off at the Hong Kong International Airport. Cathay Pacific Airways is acquiring Hong Kong-based budget airline HK Express. Cathay said Wednesday, March 27, 2019, it will pay 4.93 billion Hong Kong dollars ($628 million) for HK Express. It said the acquisition will retain its identity as a separate brand and be operated as a low-cost carrier. (AP PhotoKin Cheung)
In this March 26, 2019 photo, a Hong Kong Express Airways passenger aircraft lands at the Hong Kong International Airport. Cathay Pacific Airways is acquiring Hong Kong-based budget airline HK Express. Cathay said Wednesday, March 27, 2019, it will pay 4.93 billion Hong Kong dollars ($628 million) for HK Express. It said the acquisition will retain its identity as a separate brand and be operated as a low-cost carrier. (AP PhotoKin Cheung)
In this March 26, 2019 photo, passengers wait at the check-in counter of Hong Kong Express Airways at the Hong Kong International Airport. Cathay Pacific Airways is acquiring Hong Kong-based budget airline HK Express. Cathay said Wednesday, March 27, 2019, it will pay 4.93 billion Hong Kong dollars ($628 million) for HK Express. It said the acquisition will retain its identity as a separate brand and be operated as a low-cost carrier. (AP PhotoKin Cheung)
In this March 26, 2019 photo, a Cathay Pacific Airways passenger aircraft takes off from the Hong Kong International Airport. Cathay Pacific Airways is acquiring Hong Kong-based budget airline HK Express. Cathay said Wednesday, March 27, 2019, it will pay 4.93 billion Hong Kong dollars ($628 million) for HK Express. It said the acquisition will retain its identity as a separate brand and be operated as a low-cost carrier. (AP PhotoKin Cheung)
In this March 26, 2019 photo, passengers wait at the check-in counter of Cathay Pacific Airways at the Hong Kong International Airport. Cathay Pacific Airways is acquiring Hong Kong-based budget airline HK Express. Cathay said Wednesday, March 27, 2019, it will pay 4.93 billion Hong Kong dollars ($628 million) for HK Express. It said the acquisition will retain its identity as a separate brand and be operated as a low-cost carrier. (AP PhotoKin Cheung)
In this March 26, 2019 photo, staff members chat at the check-in counter of Cathay Pacific Airways at the Hong Kong International Airport. Cathay Pacific Airways is acquiring Hong Kong-based budget airline HK Express. Cathay said Wednesday, March 27, 2019, it will pay 4.93 billion Hong Kong dollars ($628 million) for HK Express. It said the acquisition will retain its identity as a separate brand and be operated as a low-cost carrier. (AP PhotoKin Cheung)
In this March 26, 2019 photo, a passenger uses the check-in machine of Cathay Pacific Airways at the Hong Kong International Airport. Cathay Pacific Airways is acquiring Hong Kong-based budget airline HK Express. Cathay said Wednesday, March 27, 2019, it will pay 4.93 billion Hong Kong dollars ($628 million) for HK Express. It said the acquisition will retain its identity as a separate brand and be operated as a low-cost carrier. (AP PhotoKin Cheung)
