China's HNA Group and Bravia Capital have rebranded Turkish cargo operator ACT Airlines as MyCargo Airlines following the completion of its acquisition.
HNA Group took a 49% stake in the cargo carrier in July and although the financial terms were not disclosed, ACT Airlines founder and chief executive Yavuz Cizmeci said the carrier's fleet value was close to $35 million. Founded in 2004, ACT Airlines operates six Airbus A300 freighters fleet.
In implementing its new business plan, Bravia and HNA have financed and delivered two Boeing 747-400F aircraft into MyCargo Airlines. Both aircraft will be operational in 2011. In addition, Bravia and HNA have committed to source and deliver up to 10 A300-600 freighters and three additional 747-400 freighters over the next two years in a deal valued at more than $400 million.
MyCargo Airlines will join a group of companies under the Grand China Logistics Group (GCL), the logistics arm of HNA. Created in 2007 as the first air-land-sea and conglomerate logistics company in China, GCL operates a cargo airline with 14 aircraft.
MyCargo Airlines new Chairman Zhang Youqiang said: "We are extremely happy to have made our second investment in Turkey. The country and region is a strategic focus for HNA, and we hope to utilize our investments to develop a full service logistics hub for the surrounding growth regions."
Bravia Capital's chief executive Bharat Bhisé commented: "I believe the induction of the 747-400 freighters on day one and our commitment to continue to deliver aircraft supports our claim. In addition, we are supplementing the existing managers by putting in place experienced airline executives from HNA onto the MyCargo Board of Directors and senior management team. This is now Bravia and HNA's second significant investment in Turkey in the past year - we have high optimism for this business and the region."