Korean Air expects to sign a framework agreement with Air Incheon next month after picking the cargo carrier as preferred bidder for Asiana Airlines’ global freighter business.
The SkyTeam carrier is divesting the freighter business as part of the concessions it agreed to secure European Commission approval for its planned acquisition of fellow Korean operator Asiana.
Korean cargo carrier Air Incheon, which launched operations in 2012, operates a fleet of four Boeing 737-800 freighters on services within Asia. The acquisition of the cargo business from Asiana – which flies 11 widebody freighters, predominantly Boeing 747-400s – would enable to Air Incheon to extend its operations to Europe and the Americas.
“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,” Korean Air says.
“We are committed to quickly finalising the sales process through flexible negotiations and completing the acquisition of Asiana Airlines.”
