Jin Air Decides to Merge with Air Busan and Air Seoul

Jin Air will merge with Air Busan and Air Seoul, launching as the integrated Jin Air on March 17, 2027. According to the electronic disclosure system (DART) on the 21st, Jin Air, Air Busan, and Air Seoul held board meetings and resolved to approve the signing of the merger agreement. The merger method will see Jin Air remain as the surviving company while Air Busan and Air Seoul will be dissolved in an absorption merger. The three companies plan to approve the merger proposal at an extraordinary shareholders' meeting in December 2026 and then proceed with the merger approval process under the Aviation Business Act. The merger ratio has been set at 1 to 0.2862684 for Jin Air and Air Busan, and 1 to 0.7501939 for Jin Air and Air Seoul. Jin Air aims to reduce fixed costs and expect economies of scale by integrating the operation of aviation infrastructure, including aircraft maintenance, passenger transport, and in-flight services. Additionally, there are plans to enhance the efficiency of capital management by integrating fleet operations. This merger follows the corporate combination of Korean Air and Asiana Airlines and aims to simplify the aviation business structure of Hanjin Group. The remaining procedures include the approval of the extraordinary shareholders' meeting and the merger approval under the Aviation Business Act. The integrated Jin Air will launch on March 17, 2027, with the new shares from the merger expected to be listed on the 31st of the same month.

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