ANA Holdings said on 29 October 2026 that it had signed a basic agreement to acquire all of Regional Plus Wings, the holding company of regional carriers AIRDO and Solaseed Air, through a share exchange planned for April 2027.
Why ANA Holdings Inc. is buying Regional Plus Wings Corp. (parent of AIRDO and Solaseed Air)
ANA said its domestic passenger business faced a tougher environment from rising costs and investment needs, and that combining RPW's regional networks and local customer base with ANA's network, sales, revenue management and procurement would restore profitability and keep regional air routes sustainable. The two sides identified better connections, shared staff and operational know-how, and cost optimisation as the main synergies.
Deal terms and financing
ANA, already a 15.32% shareholder, will be the wholly owning parent in a share exchange; the ratio will be set after due diligence and third-party valuations and fixed in a definitive agreement expected in late December 2026. ANA submitted a letter of intent to RPW on 25 May 2026.
Regulatory approvals and timing
The exchange is subject to RPW shareholder approval, competition clearance and other legal procedures. Japan's transport ministry abolished rules limiting major carriers' stakes in mid-sized airlines such as AIRDO and Solaseed Air in May 2026.
Market context
Regional Plus Wings was set up in October 2022 as a joint holding company for Sapporo-based AIRDO and Miyazaki-based Solaseed Air, both of which code-share with All Nippon Airways. Jiji Press reported that schedule changes could begin as early as summer 2028.
