February 2025 saw a significant transaction in the Asian air cargo sector. After an extensive evaluation and negotiation process, South Korean airline Air Incheon took over the cargo division of Asiana Airlines. The separation of Asiana Airlines' passenger and cargo operations was mandated by antitrust authorities in several countries, including not only South Korea but also the United States and the European Union. This measure was necessary to facilitate the acquisition of Asiana Airlines by Korean Air Lines.
The takeover of Asiana by Kal was prompted by a period of financial struggles for the airline. Asiana had been facing challenges in maintaining profitability, and its main shareholder was compelled to sell. In this context, the South Korean government, through the Korean Development Bank, backed a domestic solution by supporting Kal’s acquisition for approximately one billion euros.
While the deal secured Asiana’s survival, it also raised concerns about Kal’s increasing dominance in the aviation sector. Already a leading player in the South Korean and North Asian passenger market, Kal’s integration of Asiana would have strengthened its position in the cargo segment as well. With a dedicated cargo fleet and the combined use of belly capacity on passenger flights and freighter aircraft, Kal would have assumed a dominant position. As a result, the European Union and US authorities imposed conditions for approving the acquisition, requiring the sale of Asiana’s cargo division.
In January 2025, Kal and Asiana’s management reached an agreement to sell the cargo division to Air Incheon for a sale price of 470 billion won (approximately 309 million euros). On 25 February, shareholders gave final approval for the transaction, officially completing the sale. With this acquisition, Air Incheon significantly expands its fleet, which now consists of four Boeing 737-800SF aircraft, to be joined by six Boeing 747-400F, six Boeing 747-400BDSF, and one Boeing 767-300F from Asiana.
