
Photo : YONHAP News
Korean Air is set to finalize its long-awaited merger with rival Asiana Airlines on Wednesday.
Korean Air plans to invest one-point-five trillion won, or about one billion U.S. dollars, in a third-party share issuance by Asiana Airlines on Wednesday to acquire 131-point-57 million new shares, or a 63-point-nine percent stake, in the rival carrier.
Having already paid 700 billion won for the acquisition, Korean Air will pay the remaining 800 billion won on Wednesday.
The move is the final step in its pursuit of the merger, which began in November 2020.
Asiana Airlines will officially become a Korean Air subsidiary Thursday, after the payment.
Korean Air has gained permission for the merger from 13 of the 14 required countries, with only the United States yet to approve it.
If the U.S. does not raise any objections by the time the acquisition is complete, it can be seen as approval of the takeover.