The joint venture will specialize in providing heavy maintenance services for commercial aircraft in Vietnam.
The EC said the venture does not raise competition concerns because of its limited impact on the European Economic Area (EEA). The transaction was therefore cleared under the European Union's simplified merger review procedure, which is reserved for deals unlikely to significantly affect market competition.
Although the joint venture will operate in Vietnam, EC approval was required because the combined global revenues of HAECO, Toyota Tsusho, and Japan Airlines exceeded the EU's merger notification thresholds.
The approval removes the project's final major international legal hurdle, paving the way for implementation on schedule.
On June 16, the partners signed cooperation agreements at Van Don International Airport in Quang Ninh province to develop an aircraft maintenance, repair, and overhaul (MRO) complex with a total investment of 360 million USD.
overing more than 20 hectares, the facility will become Vietnam's first large-scale MRO complex located at a private airport, once it is put into operation.
