Cathay buys out DHL from Air Hong Kong

The deal originally announced in August, will see Cathay Pacific take full control of its all-cargo subsidiary Air Hong Kong, which was 40% owned by DHL.

Under the terms of the deal DHL will buy eight A300-600F converted freighters for US$282m and then lease them back to Cathay Pacific. The cash will be used by Cathay Pacific to fund working capital for Air Hong Kong.