Aviation news international – The planned merger between MNG Airlines (MB, Istanbul Airport) and special purpose acquisition entity Golden Falcon Acquisition is off. In an 8K SEC filing dated August 8, Golden Falcon said the termination of the merger was effective immediately and was by mutual agreement.
The filing did not say why the parties called the merger off, but a Wall Street Journal report suggests it was because they could not meet an August 24 deadline to finalise it. The decision also ends MNG Airlines’ immediate hopes of trading on the New York Stock Exchange (NYSE) – the reason for the merger.
Golden Falcon Acquisition Corporation is listed on the NYSE (code: GFX), and the planned reverse IPO, valued at USD676 million when announced last December, would have allowed the Turkish cargo carrier to more easily tap into US capital pools. “We see significant value creation potential from becoming a publicly listed company in the US,” said MNG Airlines CEO Ali Sedat Özkazanc at the time. Özkazanc did not respond to ch-aviation’s request for additional comments.
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Türkiye’s MNG Airlines adds first A321-200(P2F)
06.07.2023 – 08:51 UTCMNG Airlines (MB, Istanbul Airport) has taken delivery of its first narrowbody freighter, an A321-200(P2F), and plans to take a second of the type “in the near future”.
TC-MYA (msn 3369) was converted at Singapore Seletar by ST Engineering. It was ferried via Delhi International and Erzurum to Istanbul Airport over the course of June 30-July 1, 2023, Flightradar24 ADS-B data shows. It has yet to be deployed into revenue service. The 15.5-year-old jet was formerly in passenger service with Qatar Airways (QR, Doha Hamad International) and Cathay Pacific (CX, Hong Kong International).
The aircraft joins MNG Airlines’ all-widebody fleet comprising one A300-600F, three A300-600R(F)s, one A330-200F, and two A330-300(P2F).
The cargo specialist, which is in the process of listing on the New York Stock Exchange via a reverse IPO, did not respond to ch-aviation’s request for comment regarding its future fleet plans.
Turkey’s MNG Airlines closes in on reverse NYSE IPO
18.04.2023 – 01:25 UTCShareholders in a Delaware blank cheque company called Golden Falcon Acquisition Corporation are being asked to approve a merger with MNG Havayollari ve Tasimacilik A.S, trading as MNG Airlines (MB, Istanbul Airport), which will facilitate a reverse IPO and the Turkish cargo carrier’s listing on the NYSE.
In an April 10, 2023, Form F-4 filing with the Securities Exchange Commission (SEC), shareholders were recommended to approve the merger which will see Golden Falcon become an indirect, wholly-owned subsidiary of MNG. The airline is pursuing the NYSE listing to increase its financial flexibility, unlock new growth opportunities, and maximise value creation.
According to the filing, MNG Airlines operates six A300-600(F)s, one A330-200F, and two A330-300(P2F)s. The airline is also negotiating a LOI with an undisclosed lessor to acquire two A321 converted freighters. MNG Airlines flies over 180,000 tonnes annually, providing the majority of its scheduled and block space services and charter services to integrated operators such as DHL Air (D0, East Midlands) and UPS Airlines (5X, Louisville International),…
Türkiye’s MNG to list on NYSE in 2023 via reverse IPO
08.12.2022 – 07:50 UTCMNG Airlines (MB, Istanbul Airport) plans to list on the New York Stock Exchange (NYSE) following a USD676 million merger in the first half of 2023 with Golden Falcon Acquisition Corp., a US-based special purpose acquisition company, the parties announced.
This follows a definitive agreement between them on December 6, 2022, after the boards of both companies unanimously approved the proposed deal. Golden Falcon will become an indirect, wholly-owned subsidiary of MNG Airlines, according to a filing with the US Securities and Exchange Commission (SEC).
The transaction is subject to approval by Golden Falcon stockholders and other customary closing conditions. It is expected to have a Pro-forma enterprise value of USD676 million, assuming minimum gross transaction proceeds of USD30 million, according to a joint statement. Net proceeds from the transaction will be distributed to the company’s existing shareholders, who are expected to continue to retain a significant stake.
As a public company, MNG Airlines is expected to gain increased financial flexibility and be well-positioned to unlock new growth avenues and maximise value creation. MNG…