On Tuesday, February 6, Ghitha Holding PJSC, a subsidiary of the Abu Dhabi-based conglomerate International Holding Company, announced a significant development. The company struck a deal to acquire a 44 percent equity stake in MNG Havayollari ve Tasimacilik A.S. (MNG Airlines), a prominent commercial cargo company headquartered in Turkey.
The acquisition is to be executed through Ghitha’s wholly-owned indirect subsidiary, Ghitha Aeroinvest Holding RSC LTD, as highlighted in a media statement released by the company. The Share Purchase Agreement (SPA) for the stake acquisition was signed on February 1, with a total valuation of $211.20 million.
This strategic move by Ghitha Holding aims to diversify its portfolio by enhancing logistical and distribution capabilities. Moreover, it aligns with the company’s ambitious goal of becoming the largest entity in the regional food trading sector.
Falal Ameen, Group Chief Executive Officer of Ghitha Holding, emphasized that the partnership with MNG Airlines expands the company’s logistical capabilities and reinforces its commitment to providing customers with top-quality products from around the world. He expressed pride in leveraging MNG’s expertise in cargo and logistics to enhance service offerings and evolve according to customer needs.
Murathan Günal, Chairman of the Board of MNG Airlines, echoed Ameen’s sentiments, stating that the partnership will bring new operational capabilities and geographical reach to the company. Together with Ghitha Holding, they aim to set new standards in the cargo and logistics sector and anticipate mutual success.
Ghitha Holding, with a diverse portfolio spanning food, agriculture, fish, dairy, poultry, vegetable oil, retail, distribution, and catering services, sees this acquisition as a strategic step to expand its capabilities and global reach in the supply chain.
MNG Airlines, a leader in the cargo and logistics industry, offers specialized services such as 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 completion anticipated in the first half of 2024.