Russian cargo firm buys German carrier
16 / 04 / 2012
RUSSIAN cargo group Volga-Dnepr has bought Air Cargo Germany (ACG) after acquiring a 49 per cent stake in the carrier.
It is understood the German airline, based at Frankfurt-Hahn Airport, had its debts of €15m (US$19.5m) refinanced although the value of the deal remains undisclosed.
Founded in 2008, ACG operates four Boeing 747-400s on routes including China, India, South Africa, and the UAE.
Volga’s subsidiary AirBridgeCargo Airlines (ABC) is expected to synchronise its schedule with ACG. However, it will still attempt to get fifth-freedom rights for flights from Frankfurt to Chicago (US), according to ABC executive president Tatyana Arslanova.
Volga-Dnepr sought approval for the deal on 1 March, German antitrust authorities revealed.