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]