Jeju Air’s takeover of Eastar Jet delayed
Jeju Air Co’s purchase of a controlling stake in Eastar Jet has hit a little turbulence.
The deal is still on but has experienced a delay as foreign regulators are still reviewing the merger.
It is acquiring a 51.17% stake for US$45 million and has already paid an initial down payment.
"The payment is expected to be made next month as Vietnam and Thailand have yet to approve the combination of the two carriers," a Jeju Air spokesman told local media.
The acquisition will strengthen Jeju Air’s position in a normally competitive low cost market.
Its main LCC rivals in South Korea are Jin Air, Air Busan Co., Air Seoul Inc., Eastar Jet, T’way and Fly Gangwon.
Two more budget airlines – Air Premia Co. and Aero K Airlines Co, are expected to launch next year.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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