Deals
Cathay Pacific to Buy Out Partner DHL's 40% Stake in Cargo Unit
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Cathay Pacific Airways Ltd. agreed to buy out the stake owned by partner DHL International GmbH in a cargo venture as the premium Asian carrier revamps its operations as part of a three-year transformation program.
Under the non-binding preliminary agreement, Cathay will purchase the 40 percent held by the German company in AHK Air Hong Kong Ltd., making it a fully-owned subsidiary, the airline said in a filing to the city’s stock exchange Friday. DHL will buy eight Airbus SE A300-600 freighters from AHK and lease them back to Cathay’s unit.