The UAE food and beverage giant Ghitha Holding’s move to buy into Turkish commercial cargo major MNG Airlines has hit a snag.

A subsidiary of Abu Dhabi's largest listed firm International Holding Company (IHC), Ghitha said that the deal corresponding to the acquisition of 44% share in MNG Havayollari ve Tasimacilik A.S. (MNG Airlines) by its unit, Ghitha Aeroinvest Holding, has been terminated.

The two parties have opted to “amicably” scrap the transaction, Ghitha Holding said, without specifying the reason.

Last February, Ghitha Aeroinvest signed a share purchase agreement to acquire a 44% shareholding in MNG for $211.2 million. The transaction was subject to certain closing conditions and regulatory approvals.

The move was part of a strategy to diversify the UAE conglomerate’s business by expanding within the logistics and aviation sector.

(Writing by Cleofe Maceda; editing by Brinda Darasha)