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The merger of Korean Air and Asiana Airlines was a policy announced by the Government of South Korea in November 2020, which resulted in Korean Air absorbing Asiana Airlines creating a dominant carrier in South Korea. [1] The merger was completed on December 12, 2024 following approval from fair-competition authorities globally. [2]
On 16 November 2020, the Government of the Republic of Korea announced a policy of merging Asiana Airlines with Korean Air, which would acquire a 30.77% stake in Asiana from Korea Development Bank. [33] The Korean state-run bank would invest 800 billion won (US$600 million) to Hanjin KAL, the holding company of Korean Air, to fund the merger. [33]
The airline’s recent merger with Asiana Airlines — the largest consolidation in Asian aviation history — was also noted as a contributing factor to its place at the top.
Asiana shares closed almost 30% higher on Monday (November 16), while Korean Air was up over 12%. Korean Air Lines is taking charge at Asiana. It will invest about 1.6 billion dollars to become ...
In November 2020, it was announced that Korean Air would merge with competitor Asiana Airlines, but was switched to only acquire a major stake after the original merger plan was blocked by the United States Department of Justice for monopoly concerns, the acquisition was completed on December 12, 2024. [11] [12]
In 2008, a consortium led by Kumho Asiana Group was selected as the preferred bidder to buy Korea Express. [3] Kumho Asiana, a South Korean conglomerate that operates Asiana Airlines, acquired Korea Express for 4.1 trillion won (US$ 4.34 billion) to expand its cargo business into the inland transportation business. [4]
Kumho Asiana Group is a large South Korean Chaebol (conglomerate), with subsidiaries in the construction, electronics, IT, leisure, logistics, manufacturing, tourism and transportation sectors. The group is headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga , Jongno-gu , Seoul , South Korea . [ 1 ]
In 2018, Air Busan applied for a preliminary screening for an initial public offering. [6] In 2021, Korean Air's Post Merger Instruction plan for Asiana Airlines was approved by the Korea Development Bank. It includes provisions to merge Air Busan with Korean Air's low cost carrier subsidiary, Jin Air. [7]