Completion of 800 Billion Won Final Payment on the 11th
Subsidiary Integration After Securing 64% Stake
Korean Air is accelerating the merger process with Asiana Airlines. The originally scheduled date for the new share subscription has been moved up by about a week to complete the process sooner.
On the 3rd, Korean Air announced that the closing date (payment date) for the new share subscription contract with Asiana Airlines will be moved forward from the 20th of this month to the 11th. This move comes after receiving final approval for the corporate merger from the European Commission (EC).
Accordingly, Korean Air plans to pay the remaining 800 billion KRW, excluding the down payment and interim payment, out of the total 1.5 trillion KRW (with 300 billion KRW in perpetual bonds separately) for the new share subscription of Asiana Airlines to finalize the transaction. Korean Air will participate in Asiana Airlines' third-party allotment capital increase, and upon completion of the transaction, Korean Air will secure a 63.88% stake in Asiana Airlines.
Asiana Airlines will operate as an independent company for the next two years before fully integrating with Korean Air. During this period, Korean Air plans to carry out various preparations such as corporate image (CI) rebranding and workforce restructuring.
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