ANA Holdings Finalizes Acquisition of Nippon Cargo

TOKYO — After obtaining approval from relevant authorities, ANA Holdings acquired all shares of Nippon Cargo Airlines (KZ) through a simplified share exchange with KZ’s former owner, Nippon Yusen Kabushiki Kaisha, on August 1, 2025.

ANA operates a fleet of six Boeing 767F and two Boeing 777F; NCA’s fleet includes eight Boeing 747-8F and 7 Boeing 747-400F leased out to other operators. 

NCA’s and ANA’s large freighter networks together will boost transport capacity between Japan and Asia, Europe, and the United States, strengthen ANA Group's position as Japan's largest combination carrier, and make ANA Group the 14th largest airline group in the world.

Following KZ’s acquisition, ANA Holdings will consolidate the financial balance sheet and income statement from Q2 2025.

Benefits of NCS’s Strategic Integration

"The strategic integration of NCA's freighter network and specialized cargo expertise with the ANA Group's existing infrastructure will greatly improve our capability to serve our customers' needs. We are committed to leveraging this expanded capacity and combined knowledge to deliver exceptional value in our cargo transport solutions globally," said Koji Shibata, President and CEO of ANA Holdings.

Combining ANA’s global freighter network and NCA’s experience in special commodities and mass transportation, ANA Group will further enhance the quality and competitiveness of its service to meet diverse customers' air cargo transport needs. ANA will deliver optimised supply chain solutions and improved business opportunities for its customers. 

NCA’s integration is expected to boost ANA Group’s profitability through improved resilience against market volatility and changes. In addition, construction of a new runway at Tokyo Narita Airport (NRT) will enhance the airport's capacity and support ANA’s sustainable growth as a vital logistics infrastructure supporting people worldwide.