Announced
Financials
Sources
Tags
South Korea
Majority
Friendly
low-cost carrier
airline operation
Private
Acquisition
Single Bidder
Airlines
Pending
Synopsis
Jeju Air, a South Korean budget airline, agreed to acquire a 51% stake in Eastar Jet, a low-cost airline with its headquarters in Banghwa-dong, Gangseo-gu, Seoul, for $59m. The deal shows consolidation is underway in South Korea’s crowded budget carrier space as travel demand is falling to the key Japan market due to a diplomatic row between the two neighboring countries, hitting profitability of airlines.
© COPYRIGHT 2024 MERGERLINKS LIMITED.
ALL RIGHTS RESERVED.
15 BONHILL STREET, LONDON, EC2A 4DN, UNITED KINGDOM.