Korean Air has chosen Air Incheon as the preferred bidder for the acquisition of Asiana Airlines’ global cargo freighter business. The decision, made at the Board of Directors meeting on June 17, was based on several key criteria: the certainty of completing the transaction, the ability to maintain and enhance the long-term competitiveness of the air cargo business, and the capability to mobilize funds through a competent consortium.
Founded in 2012, Air Incheon is Korea’s only all-cargo airline, with operations focused primarily in Asia. The acquisition will allow Air Incheon to strengthen its competitiveness by utilizing Asiana Airlines’ long-haul network to the Americas and Europe, as well as its fleet of larger cargo aircraft.
Korean Air plans to sign a framework agreement with Air Incheon in July, subject to the conditions of the contract and review by the European Commission. A representative from Korean Air stated, “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.”