China’s State Administration for Market Regulation (SAMR) has granted conditional approval for ANA Holdings Inc. to acquire Nippon Cargo Airlines (NCA), clearing a key regulatory hurdle in a deal aimed at strengthening ANA’s international cargo footprint.
In a statement, the Chinese competition authority said its approval is contingent upon binding commitments by ANA to maintain fair competition in the China–Japan air cargo corridor—a vital route for regional trade. The regulator’s decision follows months of review and reflects growing scrutiny of cross-border consolidation in the aviation and logistics sectors.
The acquisition, originally announced in March 2023, was initially slated for completion by October 1, 2023, but was delayed pending antitrust approvals in multiple jurisdictions. With the China clearance now secured, ANA expects to finalize the transaction on August 1, 2025.
This marks a significant milestone in ANA’s plan to acquire NCA from parent company NYK Group, and follows earlier approval from Japan’s Fair Trade Commission, granted in January 2025.
NCA, one of Japan’s major cargo airlines, is seen as a critical asset for ANA as the airline expands its cargo operations amid rising demand across the Asia-Pacific region. The integration is expected to enhance ANA’s capacity, improve its network reach, and increase competitiveness on high-demand routes connecting Japan, China, and Southeast Asia.
“The transaction will allow ANA to consolidate its cargo operations and respond more effectively to dynamic market needs,” said analysts tracking the deal. “However, the conditions imposed by Chinese regulators underscore heightened regulatory sensitivity around mergers in key logistics markets.”
Industry observers note that cargo capacity and reliability have become increasingly central to supply chain resilience, prompting regulators to impose stricter oversight on deals that may influence regional trade flows.
With this latest approval, ANA is poised to move forward with the full integration of NCA’s fleet, operations, and route network into its broader air cargo strategy—solidifying its position as a leading player in Asia’s evolving freight market.
