ANA Holdings weighs larger stake in parent of AIRDO and Solaseed Air
In short
ANA Holdings said on 22 October it is considering additional investment in Regional Plus Wings, the joint holding company of AIRDO (Air Do) and Solaseed Air. Asahi and Yomiuri reported that making the company a subsidiary is under consideration, and Asahi reported a target of more than 50%.
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ANA Holdings (ANAHD) is considering additional investment in Regional Plus Wings (RPW), the joint holding company of the mid-sized carriers AIRDO (Air Do) and Solaseed Air. Nikkei and Kyodo, carried by Tokyo Shimbun, reported that ANAHD itself disclosed the consideration on 22 October. Asahi reported it based on people familiar with the matter. Kyodo said ANAHD is considering closer cooperation including additional investment. [ 1 , 2 , 3 , 6 ]
Yomiuri reported that ANAHD is considering making RPW a subsidiary, and Kyodo said consolidation as a subsidiary appears to be in view. Asahi reported, citing people familiar with the matter, that ANAHD plans to buy shares held by the Development Bank of Japan and others to hold more than 50% and consolidate RPW. Nikkei said the Development Bank of Japan was the largest shareholder as of the end of March 2026 with just over 25%. [ 1 , 2 , 3 , 5 ]
Documents differ slightly on ANAHD's current stake. Asahi gave 15.33% on a voting-rights basis as of 31 March, Kyodo gave 15.32% as of the end of March, and Nikkei and Yomiuri said about 15%. [ 1 , 2 , 3 , 5 ]
AIRDO is based in Sapporo and Solaseed Air in Miyazaki; Nikkei said they operate domestic routes including Haneda services from bases in Hokkaido and in Kyushu and Okinawa. They have codeshare arrangements with All Nippon Airways. Yomiuri said ANA sold 30 to 40% of the flights of each carrier in the year to March 2026. The two carriers integrated their management in October 2022 after the COVID-19 period and have since worked together on tasks such as maintenance, Nikkei said. Yomiuri said they have also combined some work such as counter operations. [ 2 , 5 ]
The outlets link the move to the state of the domestic market. Asahi and Yomiuri cited fewer business travellers after online meetings spread, and Asahi added that a weak yen has raised fuel and maintenance costs. Nikkei said domestic operations of ANA, Solaseed Air and AIRDO are in effective deficit without government subsidies. Yomiuri said all companies were in the red excluding subsidies in the year to March 2025. Asahi said the carriers hope to improve their finances, and ANAHD expects efficiency gains such as flexible use of aircraft. Yomiuri mentioned joint procurement of aircraft and NHK mentioned shared maintenance among the three companies. [ 1 , 2 , 5 , 6 ]
Nikkei said the transport ministry scrapped in May a rule that had effectively limited investment by large carriers in mid-sized ones to 20%. Kyodo said that until May the ministry had held that if a large carrier invested 20% or more in a mid-sized one, all the Haneda slots given to it with priority would be reclaimed, and that this was scrapped. Kyodo added that a government expert panel in May concluded that reclaiming up to 10% of a mid-sized carrier's Haneda slots is appropriate, which lowered the hurdle for large carriers to invest. [ 2 , 3 ]
Asahi reported that the AIRDO and Solaseed brands are expected to remain, and Yomiuri said the route networks and brand names are to be kept. Asahi added that if the subsidiary plan goes ahead, domestic networks with 10 or more routes from Haneda would be concentrated in ANA, the Japan Airlines group and Skymark. [ 1 , 5 ]
Why it matters
The outlets say domestic routes are loss-making without government support, and that ANA Holdings and the two carriers hope a closer tie will improve efficiency. Asahi reported that, if a subsidiary deal happens, Haneda domestic routes would be concentrated in three groups.
Key facts
- ANA Holdings is considering additional investment in the holding company of AIRDO (Air Do) and Solaseed Air, Regional Plus Wings. [ 1 , 2 , 3 , 4 , 5 , 6 ]
- Nikkei and Kyodo reported that ANA Holdings itself disclosed the consideration on 22 October. [ 2 , 3 ]
- As of the end of March ANA Holdings held about 15% of Regional Plus Wings; Nikkei said the Development Bank of Japan was the largest shareholder with just over 25%. [ 1 , 2 , 3 , 5 ]
- Asahi reported, citing people familiar with the matter, that ANA Holdings aims to hold more than 50% by buying shares held by the Development Bank of Japan and others. [ 1 ]
- Nikkei and Yomiuri said domestic operations of the carriers are in effective deficit without government support. [ 2 , 5 ]
- The Ministry of Land, Infrastructure, Transport and Tourism dropped in May its rule that effectively capped investment by large carriers in mid-sized ones at 20%. [ 2 , 3 ]
Confirmed by several sources
- ANA Holdings is considering additional investment in the holding company of AIRDO and Solaseed Air. [ 1 , 2 , 3 , 5 , 6 ]
- ANA Holdings held about 15% of Regional Plus Wings as of the end of March 2026. [ 1 , 2 , 3 , 5 ]
- The domestic operations of the airlines involved depend on government subsidies to avoid a loss. [ 1 , 2 , 5 ]
- In May the ministry's rules on investment by large airlines in mid-sized ones were relaxed. [ 2 , 3 , 5 ]
Still unclear
- Whether ANA Holdings will make Regional Plus Wings a consolidated subsidiary. Asahi and Yomiuri describe subsidiary status as the aim or under consideration, Kyodo says it appears to be in view, and Nikkei says it could bring efficiency gains if the company goes that far.
- The exact size of ANA Holdings' current stake. Asahi gives 15.33% on a voting-rights basis, Kyodo gives 15.32%, and Nikkei and Yomiuri say about 15%.
- Whether the AIRDO and Solaseed brands will be kept. Asahi said they are expected to remain and Yomiuri said the direction is to keep route networks and brand names; no document gives a decision.
- How ANA Holdings would raise its stake. Only Asahi, citing people familiar with the matter, mentions buying shares held by the Development Bank of Japan and others.
What local media are saying
Timeline, local time
- Asahi reported that ANA Holdings is considering buying more shares in the holding company of AIRDO and Solaseed Air. [ 1 ]
- Nikkei reported that ANA Holdings said it is considering additional investment in the holding company. [ 2 ]
- Kyodo, carried by Tokyo Shimbun, reported that ANA Holdings said it is considering closer ties including more investment. [ 3 ]
- Yomiuri reported on 23 October that ANA Holdings is considering making the holding company a subsidiary. [ 5 ]
- NHK reported the consideration on 23 October. [ 6 ]