• Asiana Airlines has secured final shareholder approval to complete the sale of its cargo business to Air Incheon
• The sale, valued at approximately $328 million (470 billion won), satisfies European competition conditions for Asiana’s merger with Korean Air
• The European Commission mandated Asiana to divest its cargo business, while Korean Air transferred European passenger routes to T’way Air
Asiana Airlines has secured final shareholder approval to complete the sale of its cargo business to Air Incheon, marking a key step in fulfilling European antitrust conditions tied to its merger with Korean Air.
The agreement, valued at approximately $328 million (470 billion won), was first announced in January and has now cleared all required approvals.
As part of the European Commission’s conditions for approving the Korean Air-Asiana merger, Korean Air was required to transfer European passenger routes—covering Paris, Rome, Frankfurt, and Barcelona—while Asiana was mandated to divest its cargo operations.
The passenger routes were transferred to budget carrier T’way Air, and with the latest shareholder approval, the cargo division’s sale is now finalized.
The transfer of assets and personnel is expected to be completed by June 10. The deal includes 10 Boeing 747 freighters, one Boeing 767 freighter, and around 800 employees.
Asiana’s cargo division, established in November 1994, launched operations with its first freighter service on the Seoul-Los Angeles route. Over the past three decades, it has been a vital player in South Korea’s trade and logistics sector.
During the COVID-19 pandemic, the airline repurposed idle passenger aircraft to transport medical supplies and vaccines, reinforcing its role in supply chain continuity.
In 2023, Asiana’s cargo unit posted a 7% year-over-year revenue growth, reaching 1.71 trillion won, with an annual freight volume of 831,278 tons.
