Korean Air has acquired 44% of Czech Airlines, making it the airline’s second largest shareholder, with the Czech Ministry of Finance holding the other 56%. It is the first time a Korean airline has taken a stake in a foreign airline. Both airlines are members of the SkyTeam alliance and have already worked together under codeshare agreements.
Under the deal, Korean Air plans to expand its network through Prague airport by increasing its codeshare flights and improving its connection schedules. It also plans to help Czech Airlines operate direct flights between Prague and Incheon by leasing it one of its A330-300s. Czech Airlines plans to operate direct flights between Prague and Incheon twice a week.