Sono Hospitality buys stake in Air Premia to bolster airline portfolio

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Sono Hospitality buys stake in Air Premia to bolster airline portfolio - Korea Economic Daily

Quick Summary:

Sono Hospitality Group, South Korea’s largest resort operator, has added low-cost carrier Air Premia Inc.to its bulging portfolio, after it agreed to buy a stake in the airline from a domestic private equity firm for 47.2 billion won ($34.6 million).Sono International Co., a unit of the hospitality group, said on Tuesday it is slated to buy half a stake in a special purpose company (SPC) that owns a 26.95% stake in Air Premia.

The deal, set to close on Oct.20, comes with a call option for Sono International to buy JC Partners’ remaining stake in Air Premia through the SPC after June 2025.“We expect this share purchase to create synergy between Sono’s domestic and businesses and aviation service,” said Sono International in a statement.

The deal came after the hospitality group purchased a 26.77% stake in T'way Air Co.from another Seoul-based private equity firm JKL Partners in two share transactions in July and August.It is now T'way's No.2 shareholder.