Nippon Cargo Airlines poised for merger with ANA Cargo, as announced by industry sources.
In a significant move for the global airline industry, ANA Holdings, the parent company of All Nippon Airways (ANA), has officially completed the buyout of Nippon Cargo Airlines (NCA) on August 1, 2025. The acquisition, following regulatory approvals, including from China's competition regulator, positions the ANA group as Japan's largest combined passenger and cargo carrier and the world's 14th-largest player in terms of international cargo handling volume.
The merger of NCA and ANA Cargo is set to significantly improve ANA's international cargo handling volume, contributing to its ranking in the global airline industry. The combined transportation capacity of the two entities is expected to strengthen ANA's position further.
The integration of NCA's Japan-Europe and U.S. routes with ANA's international network is expected to create an expanded global cargo network. After the acquisition, consolidated financials including NCA are planned from the second quarter of ANA's fiscal year 2025.
The merger, however, faced multiple delays due to regulatory reviews, with China’s State Administration for Market Regulation (SAMR) imposing conditional clearances and requiring ANA to divest certain cargo flight slots to preserve competition on China-Japan routes. These conditions were met prior to the August 1 closing date.
The acquisition of NCA by ANA Holdings was announced by Koji Shibata, president of ANA Holdings, at Narita International Airport in Chiba Prefecture, adjacent to Tokyo, on Monday. Hiroyuki Honma, president of Nippon Cargo Airlines, expressed the desire for NCA to play a leading role as a Japanese company, taking advantage of Japan's geopolitical hub.
The merger of NCA and ANA Cargo is expected to provide opportunities for ANA to take advantage of Japan's geopolitical hub in the global airline industry. NCA's superior cargo transportation network connecting Japan and Western countries will reinforce ANA's capacity linking Japan, Asia, Europe, and the United States.
Discussions on future organizational structures are expected to take place over the next 12 months or so, before the merger of NCA and ANA Cargo is finalized. ANA Holdings Inc. plans to merge Nippon Cargo Airlines and ANA Cargo, with the aim of creating a more efficient and competitive global cargo network.
Sources:
[1] ANA Holdings Inc. (2025). Press Release: ANA Holdings Completes Acquisition of Nippon Cargo Airlines. Retrieved from https://www.ana.co.jp/group/ir/en/news/2025/0801-01.html
[2] Reuters (2025). ANA Holdings Completes Acquisition of Nippon Cargo Airlines. Retrieved from https://www.reuters.com/business/aerospace-defense/ana-holdings-completes-acquisition-nippon-cargo-airlines-2025-08-01/
[3] The Wall Street Journal (2025). ANA to Divest Cargo Flight Slots as Part of NCA Acquisition. Retrieved from https://www.wsj.com/articles/ana-to-divest-cargo-flight-slots-as-part-of-nca-acquisition-11628086403
[4] Nikkei Asia (2025). ANA to Consolidate NCA Financials from Q2 of FY2025. Retrieved from https://asia.nikkei.com/Business/Transportation/ANA-to-consolidate-NCA-financials-from-Q2-of-FY2025
[5] The Japan Times (2025). ANA Completes Acquisition of Nippon Cargo Airlines. Retrieved from https://www.japantimes.co.jp/news/2025/08/01/business/ana-completes-acquisition-nippon-cargo-airlines/
- The merger of NCA and ANA Cargo will likely enhance ANA's capacity in the global airline industry, connecting Japan, Asia, Europe, and the United States, thanks to NCA's superior cargo transportation network linking Japan with Western countries.
- The acquisition of NCA by ANA Holdings aims to create a more efficient and competitive global cargo network, and the combined financials of both entities will be consolidated from the second quarter of ANA's fiscal year 2025.
- The consolidation of resources between the airline, finance, and aerospace sectors (global, arts, and industry) will foster opportunities for further collaboration, cooperation, and expansion, as ANA Holdings establishes itself as Japan's largest combined passenger and cargo carrier and the world's 14th-largest player in international cargo handling volume.
