HONG KONG's Cathay Pacific has announced that it has completed the acquisition of Hong Kong Express Airways (HK Express), which will remain a stand-alone budget carrier.
"We believe the acquisition is good for the travelling public, good for HK Express, good for the Cathay Pacific Group, and good for the development of Hong Kong as a global aviation hub," said Cathay Pacific CEO and HK Express chairman Rupert Hogg.
"I would also like to reassure that there will be more value fares and more destinations available to travellers," he said.
Leading the HK Express team as CEO is Ronald Lam who has worked with the Cathay Pacific Group and HAECO for more than 20, most recently as Cathay director commercial & cargo.
Said Mr Hogg "HK Express captures a unique market segment that, together with the extensive network offered by the Cathay Pacific Group, could multiply connection opportunities through Hong Kong.
Back in March, Cathay revealed that it was "active discussions" about acquiring HK Express from cash-strapped Chinese conglomerate HNA Group Co Ltd.
After a worldwide spending spree based on borrowed money, HNA had to sell assets after becoming overloaded with debt which prompted close scrutiny from the central government.
HK Express operated a fleet of twenty-five A320s Asia, according to plane tracking website FlightRadar24 in March.