Hong Kong carrier Cathay Pacific has agreed to pay US$245 million for a 49% stake in Air China Cargo, the Financial Times reported. The agreement on the joint venture ends four years of negotiations, though it is still subject to approval by regulators and shareholders. Air China Cargo will use Cathay’s investment to expand its fleet of seven Boeing 747 cargo aircraft to 11. In 2006, Cathay Pacific and Air China agreed to a cross-shareholding deal that gave Cathay access to a joint-venture cargo operation. However, the economic downturn and Air China’s rivalry with Shanghai-based China Eastern have delayed negotiations.