Air Incheon (KJ, Seoul Incheon) will move to amend its Air Operator's Certificate to allow it to operate freighters after the European Commission approved the airline as a suitable buyer of Asiana Airlines' cargo business. The proposed acquisition was part of a suite of antitrust remedies that Korean Air proposed to secure approval to merge with Asiana.
According to a CargoFacts report, Air Incheon must now apply to Korea's Ministry of Land, Infrastructure and Transport to amend its AOC. It plans to apply for the amendment around February or March 2025 and expected to transfer the first of Asiana's twelve B747-400 freighters shortly afterwards. It said it anticipates transferring across the full complement of B747 freighters and one B767-300F and finalising the acquisition process by mid-2025.
Air Incheon has proposed paying KRW470 billion won (USD332 million) to take on Asiana's thirteen freighters, primarily B747 types, a number of existing contracts, and some Asiana employees. The transaction was one of several Korean Air had negotiated to ease European Commission competition concerns about the planned merger.
In a decision published on November 28, the European Commission said Air Incheon was a suitable buyer of Asiana's cargo business because:
- it is independent from Korean Air and Asiana;
- the airline has the financial resources and proven expertise to maintain and develop Asiana's cargo business as a viable and active entity in competition with the parties and other competitors;
- Air Incheon is a South Korean operator with an existing AOC and a hub at Incheon airport; and
- the sale did not raise first-sight competition concerns or risks in delaying the implementation of the commitments.
