Ghitha Holding PJSC, a subsidiary of Abu Dhabi-based conglomerate International Holding Company, announced on Tuesday, February 6, striking a deal to acquire a 44 percent equity stake in MNG Havayollari ve Tasimacilik A.S. (MNG Airlines), a leading commercial cargo company headquartered in Turkey.
The acquisition is to be done through Ghitha’s wholly-owned indirect subsidiary, Ghitha Aeroinvest Holding RSC LTD, the company said in a media statement.
The company said it entered into a Share Purchase Agreement (SPA) on February 1 for the stake acquisition, valued at $211.20 million.
The stake acquisition in the Turkish cargo company is expected to help diversify Ghitha Holding’s portfolio, not only amplifying its logistical and distribution capabilities but also aligning with its ambitious goal to become the largest company in the regional food trading sector.
Falal Ameen, Group Chief Executive Officer of Ghitha Holding, said the partnership not only expands the company’s logistical capabilities but also strengthens its commitment to supplying customers with the highest quality products, sourced from around the globe.
“We are proud to leverage MNG’s expertise in cargo and logistics to further enhance our service offerings and to continue evolving in line with our customers’ needs and preferences,” he said.
Murathan Günal, Chairman of the Board of MNG Airlines, said the partnership will open up new horizons for the company in terms of operational capabilities and geographical reach.
“Together with Ghitha Holding, we look forward to setting new benchmarks in the cargo and logistics sector and to a future of mutual success,” he said.
Ghitha Holding, with a portfolio that spans across food, agriculture, fish, dairy, poultry, vegetable oil, retail, distribution and catering services, views this acquisition as a strategic move to expand its capabilities and reach in the global supply chain.
MNG Airlines operates at the forefront of the cargo and logistics industry, offering specialized services including scheduled and block space charter, aircraft, crew, maintenance and insurance (ACMI), special cargo, and comprehensive technical services.
The transaction, subject to certain closing conditions and regulatory approvals, is expected to be completed in H1, 2024.
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