ANA said it acquired Nippon Cargo Airlines through a simplified share exchange with Nippon Yusen Kabushiki Kaisha, which had owned the carrier since 2005.
"Combining NCA's large freighter network with ANA Group's extensive international network of passenger and freighter flights will bolster transport capacity between Japan and Asia, Europe, and the U.S.," ANA said in the announcement.
ANA operates six Boeing 767 freighters and two Boeing 777 freighters, and NCA operates eight Boeing 747-8 freighters. Apart from Boeing 747-8F, seven Boeing 747-400F owned by NCA are operated by other companies on lease.
14th largest airline group based on cargo
This enhancement will not only significantly strengthen the Group's position as Japan's largest combination carrier but also elevate the ANA Group to the world's 14th largest airline group based on cargo transport weight.
"The strategic integration of NCA's freighter network and specialized cargo expertise with the ANA Group's existing infrastructure will greatly improve our capability to serve our customers' needs," said Koji Shibata, president and CEO of ANA HD.
"We are committed to leveraging this expanded capacity and combined knowledge to deliver exceptional value in our cargo transport solutions globally."
ANA noted that by combining the ANA Group's international network with NCA's expertise in special commodities and mass transportation using large freighters, ANA will further strengthen its high-quality and competitive services to meet diverse customers' cargo transport needs.
The ANA Group will also support customers in optimizing their supply chains or business opportunities, aiming to deliver added value through cargo transport.
The ANA Group's profitability is expected to increase with NCA's inclusion, as the strengthened cargo business will improve its resilience against market volatility and changes.
In addition, Narita Airport is expected to enhance its functions with the construction of new runways in the near future, which will greatly increase the number of departures and arrivals.
ANA said under such circumstances, the ANA Group is committed to sustainable growth and to contributing to society as a vital logistics infrastructure supporting people worldwide.
As NCA is now a wholly owned subsidiary company through the share exchange, the financial balance sheet and income statement are planned to be consolidated from the 2nd quarter of fiscal year 2025.
NCA was founded in 1978 as a joint venture between NYK Line and ANA. In 2005, ANA divested its stake, making NYK the sole owner until recently, when ANA Holdings reacquired the airline, making NCA a wholly owned subsidiary once again.
ANA first announced its plans to take over NCA from its parent company, NYK and to transfer all shares of the B747 freighter operator to ANA on March 7, 2023.
In February 2025, ANA said it received approval from Japan's Fair Trade Commission for its planned acquisition of NCA, dismissing concerns about competition on key international cargo routes.
