Hong Kong-based airline Cathay Pacific is acquiring competitor HK Express for nearly 630 million US dollars, equivalent to 5.8 billion SEK.

Cathay thus controls three of the four airlines in Hong Kong. HK Express is a budget airline that Cathay has had difficulty competing with.

Cathay Pacific has undergone major changes in recent years after reporting its first loss in eight years in 2016. Since then, 600 employees have been let go and new routes have been added.

Source: TT