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Ghita Holding buys 44% stake of MNG Airlines

2024-02-06

Part of Abu Dhabi’s IHC mega-group, Ghita Holding has bought a 44 per cent stake in Turkish cargo airline MNG Havayollari ve Tasimacilik A.S. (or ‘MNG Airlines’ as it is more popularly known). The deal, valued at $211.2 million, represents a major diversification push for Ghita.

“This partnership not only expands our logistical capabilities but also strengthens our commitment to supplying our customers with the highest quality products, sourced from around the globe,” said Falal Ameen, Group CEO of Ghita. “We are proud to leverage MNG’s expertise in cargo and logistics to further enhance our service offerings and to continue evolving in line with our customers’ needs and preferences.”

MNG Airlines offers specialized services including scheduled and block space charter, aircraft, crew, maintenance and insurance (ACMI), special cargo, and comprehensive technical services. The transaction is subject to ‘certain closing conditions and regulatory approvals’, with anticipated completion in H1-2024.