Korean Air to acquire 80% of Korean Air C&D Service for KRW 750bn
- Deal value
- $517m
- Stake
- 80%
- Implied 100%
- $647m
- Revenue
- $497m
- Op. income
- $62m
- Multiples
- EQV/EBIT 10.4xPSR 1.3x
Deal value ÷ stake (structure unconfirmed)
2025 연결 · DART-verified
2025 연결 · DART-verified
On implied equity value
DART 20260402001825
- Target
- Korean Air C&D Service · In-flight catering & duty-free
- Buyer
- Korean Air · SI
- Seller
- Hahn & Company
- Structure
- —
- Announced
- Mar 12, 2026
- Closed
- —
- Stage
- Signed
Target
Company providing Korean Air's in-flight catering and in-flight duty-free sales, formed when Hahn & Co acquired the business from Korean Air in 2020 during the pandemic liquidity raise (Hahn & Co 80%, Korean Air 20%); of 2024 revenue of KRW 666.5bn, about KRW 360bn came from Korean Air.
Deal rationale
Korean Air said the purpose was to secure stable in-flight meal supply and strengthen service competitiveness after the launch of the merged airline, while continuing new in-flight duty-free services. Seller Hahn & Co, which bought the business in 2020 for about KRW 981.7bn (Hankyung) to 990.6bn (IB Tomato), sold its 80% for KRW 750bn after roughly five years and nine months; IB Tomato reported the business turned from losses at acquisition to 2025 operating profit of KRW 94.9bn and EBITDA of KRW 124.1bn.
| Revenue | $497m |
| Operating income | $62m |
| EBITDA | $86m |
| Net income | — |
2025 연결 · DART-verified · 20260402001825
Press coverage
- 헤럴드경제 (2026-03-12): “한앤코는 보유 지분 80%를 약 7500억원에 매각한 것으로 예상된다.”
- 한국경제 (2026-03-12): “씨앤디서비스 지분 확보는 통합 항공사 출범 이후 기내식 공급 안정성을 확보하고”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.