Korean Air and Czech Airlines finalized the former’s buyout of 44% of the Czech carrier making the Korean airline their second largest stakeholder.
Yang Ho Cho, Chairman of Korean Air commented on the acquisition in a release from Prague Airport:
“Our successful codeshare collaboration only confirms that our decision to become a strategic partner of the Czech national carrier, culminating in our signing of the contract, is the correct decision.”
The contract calls for the purchase of some 460,725 Czech Airlines (CSA) shares by Korean Air. On hand at the signing were; Petr Necas, Prime Minister of the CR, Miroslav Kalousek, Minister of Finance of the CR, Miroslav Dvorak, Chairman of the Board and CEO of Czech Aeroholding, Michal Mejstrik, Chairman of the Supervisory Board of Czech Aeroholding and Petr Vlasak, first Vice Chairman of the Board of Directors of Czech Aeroholding.
Korean Air representatives Yang Ho Cho, the Chairman and CEO of Korean Air; Chang Hoon Chi, President of Korean Air; and Mr. Won Tae Cho Executive Vice President for Corporate Strategy & Planning Divison, also were instrumental at the signing.