Korean Air reportedly close to selling duty free, in-flight catering businesses
Korean Air Lines Co. has reportedly sealed an agreement to sell its in-flight duty free and catering service businesses to a private equity firm.
Local media reports the deal to sell to Hahn & Company could net KAL about $840 million.
The airline will report details of the transaction at a board meeting due to take place today.
Hahn & Company is the second largest PE firm in South Korea and the company is also mulling a purchase of the airline’s aviation training centre.
The airline is on course to get about $4 billion in aid through a government aid package, a state bank bailout and a new share issue.
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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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