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Breaking News

Korean Air acquires Asiana Airlines for $1 billion

By Asia Tech Times
Last updated: 03/04/2025
3 Min Read
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Korean Air passenger plane on the tarmac of Incheon International Airport in South Korea.

SeongJoon Cho/Bloomberg

SKorean flag carrier Korean Air has acquired a controlling stake in Asiana Airlines for about $1 billion, merging the country’s largest and second-largest airlines.

Korean Air, controlled by the Cho family’s Hanjin KAL Holdings, purchased 131,578,947 newly issued shares of Asiana for nearly 1.5 trillion won (about $1 billion), the airline said in a regulatory filing on Thursday. The shares amount to 63.88% of Asiana Airlines, which is now a subsidiary of its once larger rival. Within two years, the two airlines will merge into one airline that will retain the Korean Air name.

The former major shareholder of Asiana Airlines is Kumho Engineering and Construction Co., Ltd. controlled by Kumho Bus Company under Park Sam-koo, holding 30.77% of the shares. After dilution by issuing new shares, Kumho Construction currently holds 11.12% of Asiana Airlines’ equity. Originally a transportation company, Kumho Group launched Asiana Airlines in 1988 and became known for its quality service.

The acquisition was first made in November 2020 to rescue Asiana Airlines, which was heavily in debt during the epidemic, but was delayed due to competition issues. To appease regulators around the world, Korean Air has had to abandon routes to other airlines such as domestic low-cost airline TWA and sell assets such as Asiana’s cargo business to local rival Incheon Air.

Asiana Airlines Airbus A380 parked at Los Angeles International Airport.

FG/Bauer-Griffin/GC Image

Kumho itself has been struggling with debt from an acquisition spree more than a decade ago, including its disastrous $7 billion acquisition of Daewoo Engineering & Construction in 2006, which ended in 2008. The group was crippled during the 2006 global financial crisis.

In addition to the aviation industry, Hanjin Korean Air’s business also includes information systems such as container terminals, Incheon Grand Hyatt Hotel, and air ticket reservation and ticketing systems. Hanjin KAL is led by Chairman and CEO Walter Cho.

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TAGGED:acquiresAIRAirlinesAsianaBillionKorean

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