Korean Air selects Air Incheon as preferred bidder of Asiana Airlines’ freighter business
Korean Air has selected Air Incheon as the preferred bidder for the sale of Asiana Airlines’ global cargo freighter business. The decision was made at the Board of Directors meeting held on June 17.
Korean Air selected Air Incheon as the preferred bidder based on several key criteria: the certainty of completing the transaction, the ability to maintain and enhance 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 in Asia. Air Incheon is expected to strengthen its competitiveness by utilizing Asiana Airlines’ long-haul network to the Americas and Europe, and fleet of larger cargo aircraft.
Korean Air plans to sign a framework agreement with Air Incheon in July after agreeing on the contract conditions. The agreement is subject to review by the European Commission.
“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,” said a Korean Air representative. “We are committed to quickly finalizing the sales process through flexible negotiations and completing the acquisition of Asiana Airlines.”
About Korean Air
Serving the world for more than 55 years, Korean Air is one of the world’s top 20 airlines, carrying more than 27 million passengers in 2019, pre-COVID. With its global hub at Incheon International Airport (ICN), the airline serves 110 cities in 39 countries on five continents with a modern fleet of 159 aircraft and over 20,000 professional employees.
Korean Air’s outstanding performance and commitment to the highest level of safety and customer service has widely been recognized. The airline has been granted numerous awards including a 5-star airline rating from Skytrax as well as Air Transport World’s Airline of the Year and Cargo Operator of the Year awards.
Korean Air is a founding member of the SkyTeam airline alliance, and has grown into one of the largest transpacific airlines through its joint venture with Delta Air Lines.
