Air Incheon has been selected as the preferred bidder by Korean Air for the sale of Asiana Airlines' global cargo freighter business on June 17.
Korean Air said it selected Air Incheon based on the fact of its ability to maintain and enhance long-term competitiveness of the air cargo business and the capability to mobilise funds. In addition, it was chosen for the certainty that Air Incheon would complete the transaction.
Air Incheon is expected to strengthen its competitiveness by utilising Asiana Airlines’ long-haul network to the Americas and Europe, and fleet of larger cargo aircraft.
The sale of Asiana's cargo arm is part of the Korean Air-Asiana merger approval requirements set out by the European Commission. The merger is now only awaiting approval from the US competition body.
""We are committed to quickly finalising the sales process through flexible negotiations, and completing the acquisition of Asiana Airlines,"" said a Korean Air spokesperson.
The airline plans to sign a framework agreement with Air Incheon in July after contract conditions have been agreed upon, as well as approval from the European Commission has been met.
Korean Air selects buyer for Asiana's cargo business
