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Korean Air Selects Air Incheon for Sale of Asiana Airlines’ Freighter Business

Korean Air has selected Air Incheon as the preferred bidder for the sale of Asiana Airlines’ global cargo business.  The decision was based on criteria such as the certainty of completing the transaction, long-term competitiveness, and financial capability.


Korean Air Boeing 787-9 Dreamliner - Courtesy Korean Air

On Monday (June 17, 2024), Korean Air announced the selection of Air Incheon as the preferred bidder for the sale of Asiana Airlines’ global cargo business.  The decision was made by Korean Air’s Board based on several criteria, including the certainty of completing the transaction, the ability to maintain and enhance long-term competitiveness of the air cargo business, and the capability to raise the funds through a competent consortium.


In Monday’s announcement, a Korean Air representative said,


“The preferred bidder was selected through a comprehensive evaluation of all factors crucial to the growth of the air cargo industry, a key national industry, while maintaining the existing competitive environment.  We are committed to quickly finalizing the sales process through flexible negotiations, and completing the acquisition of Asiana Airlines.”


Air Incheon was founded in 2012, and is Korea’s only all-cargo airline.  The carrier’s focus is on the Asian cargo market, which will now be expanded by leveraging Asiana’s long-haul network to Europe and the Americas with a fleet of larger cargo aircraft.  Korean Air expects to sign a framework agreement with Air Incheon in July following agreement on the contract terms.  The sale will also be subject to review by the European Commission.


 

Source: Korean Air

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