ANA Holdings (ANA HD) has finalised its acquisition of Nippon Cargo Airlines (NCA) through a simplified share exchange with Nippon Yusen Kabushiki Kaisha, following regulatory approval on August 1. This move integrates NCA as a wholly owned subsidiary of ANA Group, significantly expanding its cargo transport capabilities.
The combined network will utilise NCA’s fleet of eight Boeing 747-8 freighters alongside ANA’s six Boeing 767 freighters and two Boeing 777 freighters. By merging NCA’s large freighter expertise—particularly in handling special commodities and high-volume cargo—with ANA’s extensive international passenger and cargo routes, the Group aims to offer a stronger, more versatile service. The enhanced network will improve transport links between Japan, Asia, Europe and the United States, strengthening ANA’s position as Japan’s largest combination carrier and elevating it to 14th place globally in terms of cargo transport weight.
This acquisition is expected to increase ANA Group’s profitability, creating greater resilience against market fluctuations by balancing passenger and cargo revenues. With Narita Airport set to expand through new runways and additional capacity in the coming years, ANA is positioning itself for sustainable long-term growth and an enhanced role as a key logistics infrastructure provider supporting international trade and supply chains.
The integration of NCA’s operations will also provide customers with improved supply chain solutions and added value through more efficient cargo handling and transport options. Financial consolidation of NCA’s balance sheet and income statement into ANA Group’s accounts is scheduled to begin in the second quarter of the 2025 fiscal year.
