Korean airline Air Incheon has completed its takeover of Asiana Airlines’ cargo business and formally rebranded as AirZeta.
In a notice on its website, the former Air Incheon said it has completed the necessary procedures for the acquisition of Asiana.
“Our company has completed the necessary procedures for the division of the business of Asiana Airlines, Inc. that involves the transportation of international cargo using freighters and related businesses, followed by a merger by absorption into our company,” said AirZeta.
The company said the agreement stipulated that Asiana would “transfer all rights and obligations related to its global cargo airline cargo transportation business” on 31 July, with the takeover completion date set for 1 August.
The $322.5m sale of Asiana’s cargo business to Air Incheon (now AirZeta) was part of European Union conditions for Korean Air to acquire Asiana Airlines.
Asiana received final shareholder approval to sell its cargo business to Air Incheon in February, while Korean Air acquired Asiana for $1.3bn in December.
The transaction included 10 Boeing 747 freighters and one Boeing 767 freighter.
According to Planespotters, AirZeta’s current in service fleet includes nine Boeing 747Fs, one 767F and four737Fs.
Korean first announced its plan to acquire Asiana in November 2020, but the acquisition proceedings were delayed by the Covid pandemic, while the EU was concerned the acquisition would result in reduced competition between Europe and South Korea.
To secure regulatory approval from Brussels for the move, Korean offered to sell Asiana’s cargo business in October 2023.