Dubai-based GSA Global Investments has taken a 51% stake in Togo-based freight airline Africa West Cargo.
Existing chief executive Yannick Erbs retains his position, under a new board of directors headed by Issa Baluch.
France-based European Cargo Services previously held a controlling stake in the carrier.
The airline, based in Togo's capital Lome, was established in 1997 and began life with four Antonov An-12 freighters. Its website shows it as currently operating an Airbus A300-600F for long-haul services, plus a McDonnell Douglas DC-9F for regional cargo feeder flights in West Africa.
In June 2011 it awarded an aircraft, crew, maintenance and insurance (ACMI) contract to Cargoitalia for a weekly Boeing MD-11F service to Europe.
Africa West operates long-haul cargo services to the USA via Liege in Belgium, plus services to Asia through Dubai. The MD-11F operates a weekly flight to Milan, via Liege, stopping on request at Bamako in Mali and Niamey in Niger on its return flight to Lome.
Erbs described the acquisition by GSA Global Investments as exciting: "We have known each other for a long time and collaborated in numerous projects involving air freight into Africa, so this alliance feels very natural."
The airline has recently added Freetown in Sierra Leone and Monrovia in Liberia to its route network and said it planned further expansion.