• Korean Air Reaches Deal to Acquire Competitor Asiana Airlines

    14 days ago - By Global Traveler Usa

    Korean Air and chief competitor Asiana Airlines plan to consolidate into a single airline that will dominate the Korean market. Korean Air reached an agreement to acquire a majority in Asiana for approximately $1.6 billion. Plans to issue new shares in early 2021 will raise about 2.5 trillion won worth of capital. Some of that capital will come from Hanjin KAL, Korean Air's parent company. Asiana's main creditor, Korean Development Bank, will also help fund the acquisition.
    According to reports from Reuters, Korean Air will initially continue operating Asiana as an independent affiliate...
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