ANA Holdings to acquire Pan Am Holdings

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All Nippon Airways' parent company ANA Holdings has agreed to buy Pan Am Holdings, the parent of Pan Am International Flight Academy, in a $140 million transaction.

Miami-headquartered Pan Am operates flight training centres at eight locations around the world, including a centre in Tokyo. The company offers flight training ranging from ab initio to aircraft type ratings on a number of different aircraft.

ANA says the acquisition is part of its strategy to expand its portfolio of aviation-related businesses, and it will help to further grow its existing training organisation, Tokyo-based Panda Flight Academy.

"We see significant opportunity to expand our ancillary airline services and pilot training is a key aspect of this," says ANA Holdings president and chief executive Shinichiro Ito. "We already have expertise in this area, through panda Flight Academy, and we are pleased to combine this with the strong reputation and track record of Pan Am."

The transaction is scheduled to close by the end of the year, and ANA adds that it does not expect the acquisition to affect its earnings guidance for the 2013 fiscal year.