Korean Air to Acquire Entire Stake in Its In-Flight Meal Supplier from Hahn & Company
Reacquisition After About Five Years Since Sale to Hahn & Company
"Strengthening In-Flight Meal Competitiveness After Integration"
Korean Air will acquire the entire stake in Korean Air C&D Service, which is responsible for its in-flight meal supply and in-flight duty-free sales business.
On March 12, Korean Air held a board meeting and resolved to proceed with this acquisition. The company entered into a contract to acquire the entire 80% stake in C&D Service held by private equity fund operator Hahn & Company. Korean Air explained that the number of shares to be acquired is 5,010,343, and the final acquisition price is expected to be 750 billion won. Once the transaction is completed, Korean Air will own 100% of C&D Service.
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C&D Service will be re-incorporated as a subsidiary of Korean Air after approximately five years, following its sale in December 2020. Previously, Korean Air sold its in-flight meal and duty-free sales business during the COVID-19 pandemic to secure emergency liquidity. Hahn & Company established C&D Service Co., Ltd. to take over the business, with Korean Air holding a 20% stake and Hahn & Company holding the remaining 80% stake in C&D Service.
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