Asiana Airlines completed the separation and sale of its cargo business as of August 1. Air Incheon, which acquired Asiana Airlines’ cargo division, has launched its integrated operations under the new name 'Air Zeta (AIRZETA)'.
Asiana Airlines finalized the transaction to sell its cargo business to Air Incheon for a total of 470 billion KRW. This comes approximately one year and nine months after the board of directors approved the separation and sale of the cargo business in November 2023.
The separation and sale of Asiana Airlines’ cargo business was a mandatory condition required by the European Commission and the Japan Fair Trade Commission when they approved the business combination with Korean Air.
In February 2024, European competition authorities approved the merger with Korean Air on the condition that the cargo business be sold. In June of the same year, Air Incheon was selected as the preferred bidder for the cargo business sale. Subsequently, in January of this year, Asiana Airlines and Air Incheon signed a spin-off and merger agreement for 470 billion KRW, and in March, received approval from the Ministry of Land, Infrastructure and Transport for the transfer of the cargo business.
Through the completion of this sale, Asiana Airlines has also finalized the transfer of a total of 11 aircraft?including 10 Boeing 747 freighters and 1 Boeing 767 freighter?as well as employees related to the cargo business.
An Asiana Airlines representative stated, "The completion of this sale marks a significant step in fulfilling a key requirement for the integrated airline," adding, "We will focus on the remaining passenger transport business while accelerating the integration process with Korean Air."
On the afternoon of the 1st, officials are taking a commemorative photo at the AirZeta launch ceremony held at the AirZeta Magok office in Gangseo-gu, Seoul. Photo by Yonhap News
Meanwhile, Air Incheon, which acquired Asiana’s cargo division, has officially launched under the new name 'Air Zeta'. On the afternoon of August 1, Air Zeta held an inauguration ceremony at its Seoul office in Gangseo-gu, Seoul, announcing its new start as the only dedicated cargo airline in Korea.
By acquiring Asiana Airlines’ cargo division, Air Zeta has significantly expanded its business scope to North America and Europe, and has expressed its ambition to grow into a globally recognized cargo airline beyond Asia.
Air Zeta plans to focus on expanding its presence in the highly profitable e-commerce and specialized cargo markets, while also establishing a foundation for growth as a global air cargo hub.
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