Air Incheon (Socius consortium) acquires Asiana Airlines cargo division for KRW 470bn

FI Logistics Air cargo

Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.

Deal value: $324m
Stake: —
Implied 100%: —
Revenue: $1.2bn
Op. income: —
Multiples: —

Target: Asiana Airlines cargo division · Air cargo
Buyer: Air Incheon (Socius consortium) · FI
Seller: Asiana Airlines / Korean Air
Structure: —
Announced: Aug 7, 2024
Closed: Aug 1, 2025
Stage: Closed

Target

Asiana Airlines' cargo division operated 11 freighters (ten Boeing 747F and one 767F) on routes including the Americas and Europe; about 800 staff and slots transferred with it. Cargo revenue was KRW 1.7195 trillion in 2024 on 831,278 tons carried.

Deal rationale

A carve-out required by the European Commission, which in February 2024 approved the Korean Air–Asiana merger on condition that Asiana's cargo business be sold. Air Incheon was named preferred bidder in June 2024, signed a split-merger agreement at KRW 470 billion on 16 January 2025, and closed on 1 August 2025. Per reports, Air Incheon's owner Socius PE funded the deal through its Socius No.5 PEF (co-GP Korea Investment Partners) and acquisition financing, with Inhwa Precision as strategic investor; in June 2025 Hyundai Glovis committed KRW 200.6 billion for a 45.2% fund stake.

사업 재편·비핵심 매각기타

Revenue	$1.2bn
Operating income	—
EBITDA	—
Net income	—

2024 · Multiple reports agree (not yet checked against DART)

Press coverage

뉴시스 (2024-08-08): “거래대금은 4700억원이다.”
딜사이트 (2024-06-17): “대한항공은 이사회를 통해 아시아나항공 화물기 사업 매각 우선협상대상자로 에어인천을 선정했다고 17일 밝혔다.”
한국경제 (2025-08-01): “매각 대금 총 4700억원에 화물기사업을 에어인천에 매각하는 거래를 종결했다”
조선비즈(다음 제공) (2024-08-19): “소시어스 제5호 PEF가 최소 4000억원 규모로 증자하고 … 인수금융 3000억원을 더해 4700억원”
머니투데이방송 (2025-06-22): “현대글로비스는 … 2006억원을 출자해 지분 45.2%를 확보할 계획”

This is a data entry summarising filings and press reports. Please check the original sources for the figures.