Korean Air completes stake purchase in Czech Airlines

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Korean Air has completed its acquisition of a 44% stake in Czech Airlines, becoming the carrier's second largest shareholder.

This acquisition will allow Korean Air to expand its presence in European cities such as Berlin, Barcelona, Copenhagen, Milan, Brussels, Budapest and Warsaw through Prague's airport.

In addition, the South Korean airline plans to expand its network through Prague airport by increasing its codeshare flights and improving its connection schedules with Czech Airlines.

Korean Air will also lease one of its Airbus A330-300s to Czech Airlines, allowing the carrier to operate twice weekly direct flights between Prague and Seoul Incheon.

This investment by Korean Air also marks the first time a South Korean carrier has taken a stage in a foreign airline.

It was earlier disclosed that the deal is worth €2.64 million ($3.45 million), and that Korean Air will retain a minimum stake of 34% in Czech Airlines for at least five years.