The Board of Directors named Air Incheon as their preferred bidder based on key criteria including the certainty of completing the transaction, the ability to maintain and enhance the cargo business in the long-term, and the capability to mobile funds through a competent consortium.
Air Incheon will strengthen its competitiveness by utilising Asiana Airlines’ long-haul network to North America and Europe, and its fleet of large cargo aircraft.
Korean Air plans to sign a framework agreement with Air Incheon next month after agreeing contract conditions.
The agreement is subject to review by the European Commission.
A Korean Air spokesperson says, “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.
“We are committed to quickly finalising the sales process through flexible negotiations, and completing the acquisition of Asiana Airlines.”