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(Photo = Yonhap news) |
[Alpha Biz=(Chicago) Reporter Kim Jisun] Low-cost carrier (LCC) Air Premia, which is seeking to acquire Asiana Airlines' cargo division, has secured financial investors (FI).
According to the investment banking (IB) industry on the 15th, Air Premia has recently submitted a letter of intent (LOI) to acquire Asiana Airlines' cargo division by forming a consortium with private equity fund (PEF) management companies Skylake Equity Partners (Skylake) and Pavilion Private Equity (PE).
The deal is part of Korean Air's preemptive measures to resolve the monopoly issue that will arise after the merger with Asiana Airlines. On the 13th of last month (local time), European authorities conditionally approved the business combination between Korean Air and Asiana Airlines on the condition that Asiana Airlines sell its cargo division and transfer some of its European city passenger routes.
As the battle to acquire Asiana Airlines' cargo division is ripe, each candidate's consortium partner appears to be revealed. In particular, the M & A industry is expected to pay keen attention to the background of Air Premia's partnership with Skylake, one of Korea's first-generation native PEF operators.
Considering that Air Premia's largest shareholder is PEF operator JC Partners, virtually three FIs have joined hands to acquire Asiana Cargo.
LCC, which is currently considering acquiring Asiana Airlines' cargo business, consists of PEF operators such as Eastar Jet (VIG Partners), Air Premia (JC Partners) and Air Incheon, except for Jeju Air, which belongs to Aekyung Group.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
