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Korean Air finally acquires control of Asiana Airlines
Korean Air has finally completed its acquisition of Asiana Airlines after first signaling its itent four years ago.
Korean Air acquired 131,578,947 newly issued shares of Asiana Airlines, representing a 63.88% ownership stake.
This makes Asiana Airlines a subsidiary of Korean Air.
The completion follows Korean Air’s payment of KRW800 billion to Asiana Airlines on December 11, concluding the share purchase transaction.
Asiana Airlines is set to hold an extraordinary general meeting of shareholders in the New Year to appoint new board directors nominated by Korean Air.
Korean Air plans to complete the integration with Asiana Airlines within a two-year period.
The integration strategy includes network optimization through diversified flight schedules on overlapping routes, and service expansion to new destinations.
The merger aims to expand its combined global network reach.
The integration will proceed without workforce restructuring and employees in overlapping functions will be reassigned within the organization.
The integrated frequent flyer program framework will be submitted to the Korea Fair Trade Commission by June 2025.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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