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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] Korean Air said on March 12 it will acquire the remaining stake in Korean Air C&D Service, the company responsible for its in-flight catering and duty-free sales business, from Hahn & Company.
The airline’s board approved the plan at a meeting held at Korean Air’s Seosomun Building in central Seoul earlier in the day.
Under the agreement, Korean Air will purchase Hahn & Company’s 80% stake in C&D Service. The deal involves 5,010,343 shares, with a total acquisition value estimated at 750 billion won ($560 million).
Once the transaction is completed, Korean Air will hold a 100% stake in C&D Service, making it a wholly owned subsidiary.
The airline said the acquisition aims to secure stable in-flight catering supply and strengthen service competitiveness following the launch of the integrated airline group. It also plans to expand in-flight duty-free offerings to enhance customer satisfaction.
Korean Air originally sold the catering and duty-free business during the COVID-19 pandemic in 2020 to secure emergency liquidity. Hahn & Company subsequently established C&D Service to take over the operations, with Korean Air retaining a 20% stake and Hahn & Company holding the remaining 80% until the latest buyback decision.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
