ANA Holdings has signed a memorandum of understanding with Regional Plus Wings Corp., the parent company of Air Do (HD, Sapporo Chitose) and Solaseed Air (6J, Miyazaki), to make it a wholly owned subsidiary through a share exchange, the acquiring entity said in a press release.

The Japanese group aims to sign a definitive agreement in late December 2026, followed by a shareholder vote at Regional Plus Wings in February 2027. The transaction is scheduled to take effect on April 1, 2027, subject to corporate and regulatory approvals.

ANA Holdings said Air Do and Solaseed Air would initially retain their respective brands while integrating functions covering business planning, revenue management, procurement, and facilities management. In the medium term, the group will also consider integrating both airlines under the ANA brand.

As previously reported by ch-aviation, ANA Holdings was considering increasing its 15.3% stake in Regional Plus Wings.

The group cited declining business travel demand, rising operating costs, and Japan's shrinking population as reasons for pursuing closer integration. Regional Plus Wings was established in October 2022 as the joint holding company of Air Do and Solaseed Air.

According to ch-aviation data, Air Do operates a fleet of 12 aircraft, comprising eight B737-700s and four B767-300ERs, while Solaseed Air operates fourteen B737-800s.