E-air Incheon selects preferred bidder for the sale of Asiana Airlines’ cargo business

Korean Air considers “transaction certainty, long-term business competitiveness, and funding capacity”,
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Air Incheon freighter
[Air Incheon provided. Resale and DB prohibited],
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, ‘(Seoul=Yonhap News) Reporter Lim Sung-ho = Air Incheon, a cargo airline, has been selected as a candidate to take over Asiana Airlines’ cargo business.’,
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, ‘Korean Air announced on the 17th that it has selected Air Incheon as the preferred negotiating partner for the sale of Asiana Airlines’ cargo business.’,
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, ‘Korean Air explained that Air Incheon was selected by taking into consideration transaction certainty, long-term business competitiveness in the air cargo industry, and the ability to raise funds through a consortium.’,
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, ‘Air Incheon, established in 2012, is the first and only cargo-specialized airline in Korea.’,
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, ‘In this acquisition process, Sycamore Private Equity, which acquired Air Incheon in 2022, has formed a consortium with strategic investors Inhwa Jungong, financial investors Korea Investment Partners and Korean Investment Securities, Shinhan Investment Securities.’,
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, ‘In the bidding for the acquisition, Air Incheon competed with domestic low-cost carriers (LCCs) Air Premia and Eastar Jet.’,
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Air Incheon
[Air Incheon provided. Resale and DB prohibited],
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, ‘Korean Air plans to negotiate contract terms with Air Incheon next month and subsequently receive approval for the sale from the European Union (EU) competition authorities.’,
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, ‘Korean Air expects that by combining Air Incheon’s current Asia-focused cargo operations with Asiana Airlines’ long-haul routes in the Americas and Europe and its operation of medium to large freighters, they can strengthen their competitiveness.’,
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, ‘Last year, the EU conditionally approved Korean Air’s acquisition of Asiana Airlines, raising concerns that competition in the cargo transportation sector could be weakened.’,
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, ‘Korean Air plans to finalize the stake acquisition and cargo business sale by the end of the year.’,
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, ‘A Korean Air official stated, “The selection of the preferred negotiation partner was made by considering all aspects to maintain the existing competitive environment while promoting the growth of the national industry of aviation cargo transportation” and added, “We will make every effort to quickly conclude the sale process through flexible negotiations and conclude the share purchase agreement for the acquisition of Asiana Airlines.”‘,
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