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Panorama view of Asiana Airlines headquarters. (Photo = Asiana Airlines) |
[Alpha Biz= Reporter Kim Sangjin] According to financial and aviation industry sources on the 13th, it is forecasted that MBK Partners will step out of the consortium led by Air Premia, which entered the bidding for the acquisition of Asiana Airlines' cargo business, and Meritz Securities will fill the vacancy.
Meritz Securities was initially expected to support the consortium through a planned investment of 300 billion won via MBK Partners' Special Situation (SS) 2 Fund. Currently, final adjustments are being made at the letter of intent (LOI) stage rather than at the letter of commitment (LOC) stage.
Following the progress of the sale of Asiana Airlines' cargo business, a prerequisite for the merger between Korean Air and Asiana Airlines, Air Premia, Eastar Jet, and Air Incheon participated. MBK Partners' last-minute decision to participate in the acquisition battle added weight to the possibility of Air Premia's acquisition.
However, concerns have arisen due to the composition of MBK Partners' SS Fund, which includes foreign investors. There are concerns that this might violate Article 9 of the Aviation Business Act and Article 10 of the Aviation Safety Act, which prohibit foreign entities from controlling domestic airlines or registering foreign aircraft themselves.
Korean Air (003490) had planned to select a preferred negotiator for the acquisition of Asiana Airlines' cargo business by May, but the schedule has been continuously delayed due to the need for final approval from the European Union (EU) competition authorities.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
