Moving on its declared strategy of expanding its portfolio to include ancillary airline services, ANA has announced a definitive agreement to acquire Pan Am Holdings in a cash purchase. The deal is expected to be finalized by the year end subject to usual regulatory approvals. Mr. Shinichiro Ito, president & CEO of ANA Holdings stated that ANA saw a "significant opportunity to expand our ancillary airline services and pilot training is a key aspect of this. We already have expertise in this area, through Panda Flight Academy, and we are pleased to combine this with the strong reputation and track record of Pan Am."
Mr. Vito Cutrone, president and chief executive officer of Pan Am, said: "The combination of ANA and Pan Am International Flight Academy provides a strong value proposition for our customers and will further strengthen Pan Am's market leadership position."
Both Ito and Cutrone reflected on the combined strength of the new grouping in pilot training with its established bases in the US, South America and Asia, supporting ANA's plan for its Asian expansion strategy. The two companies currently operate over 70 full flight simulators globally.