Budget Korean carrier T’Way Air is to gain access to European routes as part of a deal to allow Korean Air to take over rival Asiana Airlines.
The European Commission granted approval for the acquisition of Asiana Airlines by Korean Air yesterday (Wednesday) under EU merger regulations.
But the deal, following an in-depth investigation, is conditional on Korean Air making slots, traffic rights and aircraft available to allow T’Way Air to start flying to Europe from Seoul.
The agreement will see T’Way Air start to serve Paris, Rome, Barcelona and Frankfurt in the second half of the year in order to maintain competition on the routes.
Korean Air has committed not to complete the merger until T’Way has started operating on the four routes, the Commission said.
The Brussels probe into the takeover of Asiana by Korean Air, first proposed in 2020, started a year ago.
Korean Air said: “Starting from the second half of this year, T’way Air will gradually initiate operations on the four routes: Seoul Incheon-Paris, Rome, Barcelona, and Frankfurt.
“Korean Air plans to provide comprehensive support to T’way Air.
“With the EC approval secured, Korean Air continues to be focused on its discussions with the US competition authority to finalise the overall merger review processes as soon as possible.”
The UK Competition and Markets Authority (CMA) gave its approval in March last year.