All Nippon Airways Finalizes Nippon Cargo Airlines Takeover
All Nippon Airways (ANA) has officially completed its acquisition of Nippon Cargo Airlines (NCA), taking control of 15 Boeing 747 freighters previously owned or leased by NCA. The transaction, originally announced in March 2023, faced eight delays due to extended regulatory reviews. Japan’s Fair Trade Commission approved the deal in January, while Chinese competition authorities gave conditional approval in early July.
The integration significantly boosts ANA’s air cargo capabilities. Prior to the deal, ANA operated six Boeing 767 freighters, two Boeing 777 freighters, and managed belly cargo from its passenger fleet. NCA’s assets include eight Boeing 747-8 freighters, five 747-400s operated by Atlas Air, and two 747-400s operated by ASL Airlines Belgium.
The acquisition supports ANA’s strategy to expand its international cargo network and services amid growing demand for global logistics solutions. NYK Line, the parent company of NCA, decided to divest due to high capital requirements and tightening margins in the cargo sector.
The transfer of NCA shares to ANA was finalized on August 2, 2025. Financial terms were not disclosed. ANA CEO Koji Shibata emphasized that the merger of NCA’s specialized cargo expertise with ANA’s infrastructure will enhance service capabilities and customer value globally.
Despite the added capacity, ANA reported a 2% year-over-year decline in international cargo revenue for Q1 FY2025, totaling $286.2 million. While demand from China to North America weakened, ANA compensated with increased shipments from other parts of Asia to North America, supported by its expanded network.
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Sources: AirGuide Business airguide.info, bing.com, finance.yahoo.com