Korean Air completes CSA deal

Contract signed for purchase of 44% stake

The search for a strategic partner for Czech Airlines has finally come to a close. A contract for the purchase of 460,725 Czech Airlines shares – a 44% stake in CSA – by fellow SkyTeam alliance member Korean Air has been signed in Prague. Czech reps at the signing included Prime Minister Petr Necas, while the Korean carrier was represented by Yang Ho Cho, chairman and CEO.
The Czech government decided to initiate the selection of a strategic partner for the country’s flag carrier in November 2012. Subsequently, 52 of the world’s biggest international carriers were invited to take part in the tender procedure. A single offer was submitted by the March 1 deadline, by Korean Air. On March 13, the Czech government approved the sale of the 44% stake.
“The new stake bought by Korean Air in Czech Airlines will significantly impact the entire Czech Republic, thanks to tighter ties with the rapidly growing Asian region, increasing awareness from potential Korean and Asian investors, increasing commercial collaboration and reinforced tourism between the Czech Republic and Asian countries,”  Prime Minister Necas said.
[photo courtesy CSA]


Check Also

Korean Air, fee, charge, no-show, seat, miles

Airline to charge passengers for no-shows

Korean Air to introduce fees for international passengers

Taser, stun gun, Korean Air, restrain, Richard Marx, rope, air rage

Korean Air uses stun guns on passengers

High-voltage stun guns used on five passengers so far

Singapore Airlines, SIA, profit, year, operating, net, revenue, Korean air, quarter, 2016, 2017

SIA FY profit down, Korean Q1 profit up

Singapore Airlines net profit falls 55% for full year

Changi, Singapore, airport, technology, biometric, 3d, passengers, T4, terminal, new, future

Future airport tech revealed at Changi

Singapore’s new T4 to bring in automation technology

Ryanair, competition, consolidation, airlines, industry, IAG, air France-klm, alitalia, air berlin, Europe, business, M&A

Europe’s airlines fly towards consolidation

New shake-up in the European airline industry

A380, airbus, future, SIA, singapore airlines, Emirates, Dubai, order, uncertain

A380 engine inspections follow mid-air failure

US FAA orders inspections of engines widely used on A380s