Hong Kong carrier Cathay Pacific announced on March 27, 2019 it will buy budget airline HK Express for 4.93 billion Hong Kong dollars (US$628 million).ANTHONY WALLACE/AFP/Getty Images
Cathay Pacific Airways is acquiring Hong Kong-based budget airline HK Express.
Cathay said Wednesday it will pay 4.93 billion Hong Kong dollars (US$628 million) for HK Express. It said the acquisition will retain its identity as a separate brand and be operated as a low-cost carrier.
Cathay, Hong Kong’s biggest airline, also owns regional carrier Dragonair and air cargo and catering subsidiaries.
HK Express, founded in 2013, serves destinations throughout East and Southeast Asia.