Korean Air Selects Air Incheon as Preferred Bidder for Asiana’s Global Cargo Freighter Business

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(17/06/24)
 Korean Air has officially selected Air Incheon as the
preferred bidder for the sale of Asiana Airlines’ global cargo
freighter business.

The decision was made earlier today (17 June) at a Board of
Directors meeting.

Air
Incheon has been selected 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 will be able to strengthen its competitiveness by utilizing Asiana
Airlines’ fleet of larger cargo aircraft as well as its long-haul
network to the Americas and Europe.

“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.”

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.

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