Delta Air Lines Inc., a shareholder of Hanjin KAL Co., which operates Korea’s largest airline company, has bumped up its ownership in the company with the acquisition of an additional 1.7 percent stake.
The airline purchased some 1.13 million shares of Hanjin KAL, the parent of Korean Air Lines Co., for 70.7 billion won ($52 million), according to The Korea Economic Daily. The seller was Korea’s Bando Group, which now holds a 2.16 percent stake in Hanjin KAL. With the transaction, Delta now holds a 14.78 percent stake in the company.
The transaction was part of a club deal, through which Bando sold its 15.75 percent stake in Hanjin KAL to local and foreign companies.
Hanjin KAL is the holding company of Hanjin Group, which was established in 2013 by splitting Korean Air, according to the company’s website. Hanjin KAL supports the sustainability of the group's core businesses such as air transportation, integrated logistics, hotels & leisure, a