S Korea’s Jeju Air buys Eastar Jet at lower price

SEOUL: South Korean budget carrier Jeju Air Co Ltd said on Monday it would acquire a 51 per cent stake in competitor Eastar Jet for 54.5 billion won ($45.49 million), a lower price than previously announced. The acquisition is the latest case of restructuring in South Korea’s aviation industry, which is suffering losses from low travel demand due to the coronavirus epidemic. South Korea has the most virus infections outside China, with 4,212 as of Monday. The final acquisition price is lower than a preliminary deal price of about 69.5 billion won Jeju Air reported in a December regulatory filing, which was subject to change after due diligence. — Reuters