By Maria Kalamatas | March 25, 2025 | The Logistic News
The long-anticipated acquisition of Nippon Cargo Airlines (NCA) by ANA Holdings has been delayed once again, with the share exchange now scheduled to take place on May 1, 2025, instead of the previously planned March 31 date.
In its latest update, ANA Holdings confirmed the delay was necessary due to pending regulatory approvals—particularly from Chinese authorities—linked to the review of the business combination.
“The share exchange will be implemented subject to the approvals of the relevant authorities,” ANA stated. “Taking into consideration the time to complete the review by the relevant authorities in China, etc., the company decided to change the effective date of the share exchange from 31 March to 1 May.”
The transaction, first announced in March 2023, involves ANA acquiring NCA from the NYK shipping group, which currently owns the Japan-based Boeing 747-8 freighter operator. Originally targeted for completion by October 1, 2023, the deal has now faced five separate delays as it winds its way through regulatory processes across multiple jurisdictions.
One of the major hurdles came from Japan’s Fair Trade Commission (JFTC), which initially rejected the takeover over concerns it would stifle competition on routes from Japan to Chicago and Los Angeles. However, in January, the JFTC gave its approval after ANA and NCA agreed to offer a block space agreement (BSA) to rival carrier Polar Air Cargo and to appoint a lawyer and an economist to monitor compliance.
Since then, Polar Air Cargo has ceased operations, but sources close to the deal confirm the BSA arrangement has been transferred to Atlas Air, a joint venture partner of Polar, ensuring the terms remain in place to satisfy antitrust concerns.
For NYK, the decision to divest NCA stemmed from the high operating costs associated with running a cargo airline. NCA currently operates a fleet of eight Boeing 747-8Fs and owns an additional five Boeing 747-400Fs operated by ASL and Atlas Air.
ANA, meanwhile, is looking to dramatically expand its international cargo reach. The airline currently operates six Boeing 767 freighters and two Boeing 777 freighters. ANA has stated that the acquisition of NCA will significantly bolster its international air cargo capabilities and service offerings.
Despite the acquisition, the two carriers will retain separate operating certificates, ensuring operational continuity during the integration process.
As the regulatory reviews continue, the aviation and logistics sectors will be watching closely to see whether the May 1 timeline holds—or whether the acquisition faces yet another delay in what has become one of Japan’s most scrutinized aviation deals in recent years.
