Asiana Airlines has secured final shareholder approval to sell its cargo business to Air Incheon, completing a key condition set by European competition regulators for its merger with Korean Air.
The sale, valued at approximately 470 billion won ($328 million), was initially agreed upon in January and marks a major step toward finalizing the merger.
As part of the European Commission’s approval requirements, Korean Air had to divest Asiana’s cargo division and transfer key European passenger routes, including Paris, Rome, Frankfurt, and Barcelona, to local budget carrier T’way Air.
With the latest shareholder approval, the formal process for Asiana’s cargo sale is now complete.
The transition, set to conclude by June 10, will see Air Incheon take ownership of 10 Boeing 747 freighters, one Boeing 767 freighter, and approximately 800 employees.
Asiana Airlines’ cargo operations have been a critical part of South Korea’s logistics network since launching its first freighter service between Seoul and Los Angeles in 1994.
The division played a vital role in supporting global supply chains during the COVID-19 pandemic, repurposing passenger aircraft for cargo transport.
In 2023, the cargo unit posted a 7% revenue increase, generating 1.71 trillion won, with an annual freight volume of 831,278 tons.
With the cargo sale now finalized, Asiana Airlines moves closer to completing its long-awaited integration with Korean Air, reshaping South Korea’s aviation landscape.