Turkish logistics operator MNG Airlines has terminated its proposed business combination agreement with the specialised private equity company Golden Falcon Acquisition.
MNG and Golden Falcon had disclosed the proposed combination in December last year, as part of the airline’s strategy to become a publicly-listed US company on the New York stock exchange.
Golden Falcon had described MNG as a “compelling opportunity” for investment in a “high-quality asset”, profitable at operating, pre-tax and net levels, during a period of growth for the cargo sector.
But it has disclosed that, on 8 August, the two sides agreed to “mutually terminate” the combination proposal, effective immediately.
No details on the reasons behind the decision have been released, and both companies remain bound by a confidentiality agreement from January last year.
Golden Falcon had expected the combination agreement – which would have been achieved through a complex transaction involving a series of interconnected companies – to close in the first half of this year.