ANA Holdings Plans to Acquire Full Ownership of AIRDO and Solaseed Air Parent

ANA Holdings has signed a memorandum of understanding with RegionalPlus Wings (RPW), the parent company of Japanese carriers AIRDO and Solaseed Air, to pursue a share exchange that would make RPW a wholly owned subsidiary of ANA Holdings.

The proposed transaction would consolidate AIRDO and Solaseed Air under ANA Holdings, strengthening the group’s domestic airline operations through closer coordination of networks, revenue management, procurement and other business functions.

The agreement follows regulatory changes introduced in May 2026 that removed restrictions on investments by major Japanese airlines in certain existing carriers. The changes were intended to provide greater flexibility as Japan’s domestic aviation sector faces declining population, reduced business travel demand and rising operating costs.

ANA Holdings already maintains commercial and capital relationships with AIRDO and Solaseed Air, including codeshare arrangements. The proposed integration would expand cooperation by combining the carriers’ regional networks and local market positions with ANA’s sales, operational and management resources.

AIRDO, which primarily serves Hokkaido, and Solaseed Air, which focuses on Kyushu and Okinawa, would initially retain their existing brands. However, ANA Holdings indicated that integration under the ANA brand could be considered as part of its medium-term strategy.

The companies are targeting execution of a definitive agreement in late December 2026, followed by an extraordinary RPW shareholder meeting in February 2027. Subject to the necessary corporate and regulatory approvals, the share exchange is scheduled to become effective on April 1, 2027.

The proposed share exchange ratio and other transaction terms have not been determined and will be negotiated following independent valuations. The memorandum is largely nonbinding, and neither the definitive agreement nor completion of the transaction is guaranteed.