Korean Air / Asiana Airlines merger inquiry

The Competition and Markets Authority (CMA) investigated the anticipated acquisition by Korean Air Lines Co., Ltd of Asiana Airlines Inc.

From:
Competition and Markets Authority
Published
19 November 2021
Last updated
16 March 2026 — See all updates
Case type:
Mergers
Case state:
Closed
Market sector:
Transport
Opened:
16 September 2022
Closed:
1 March 2023

Statutory timetable

Date Action
4 March 2026 Slot Release Agreement approved by the CMA
1 March 2023 Undertakings in lieu of reference accepted
26 January 2023 Extension of consideration of undertakings in lieu granted
28 November 2022 CMA to consider undertakings offered
14 November 2022 Decision announced
16 September 2022 Launch of merger inquiry
16 September to 3 October 2022 Invitation to comment
19 November 2021 to 3 December 2021 Invitation to comment

Phase 1

Approval of Slot Release Agreement

16 March 2026: The CMA approved a Slot Release Agreement between Asiana Airlines Inc., Korean Air Co., Ltd and Virgin Atlantic Airways Limited (the Proposed Remedy Taker under the undertakings) on 4 March 2026. Under the Slot Release Agreement, Asiana Airlines Inc. will make available slots at London Heathrow Airport to allow Virgin Atlantic Airways Limited to operate one service per day on the London–Seoul route for 6 IATA seasons commencing in the IATA Summer 2026 season. Virgin Atlantic Airways Limited announced that it will launch its service on this route on 29 March 2026.

Extension of relevant time periods referred to in the undertakings in lieu of reference

21 February 2025: Following a request by Virgin Atlantic Airways Limited (the Proposed Remedy Taker under the undertakings) and consultation with Korean Air Lines Co. Ltd, the CMA has decided to exercise its discretion under clause 17.1 of the undertakings to extend (i) the ‘Proposed Remedy Taker Entry End Date’ until the end of International Air Transport Association (IATA) summer season 2026, and (ii) the ‘Extended Target Entry Date’ until the start of IATA summer season 2026.

This extension has been granted conditional on:

  • Virgin Atlantic Airways Limited providing legally binding assurances to the CMA that it will commence operations as the Proposed Remedy Taker on the relevant routes at the start of summer 2026
  • CMA approval of an amended framework agreement between Virgin Atlantic Airways Limited and Korean Air Lines Co. Ltd that reflects the extension to the timeline and Virgin Atlantic Airways Limited’s 2026 entry commitment to the CMA

Undertakings in lieu of reference accepted

1 March 2023: The CMA has accepted undertakings in lieu of reference for the anticipated merger between Korean Air Lines Co., Ltd and Asiana Airlines Inc.

Extension of consideration of undertakings in lieu

26 January 2023: The CMA has extended the consideration of undertakings in lieu until 23 March 2023.

Undertakings in lieu of reference consultation

8 December 2022: We are consulting on proposed undertakings in lieu of a reference for the anticipated acquisition by Korean Air Lines Co. Ltd of Asiana Airlines Inc.

CMA to consider undertakings offered

28 November 2022: The CMA considers that there are reasonable grounds for believing that the undertakings offered by Korean Air Lines Co. Ltd, or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002.

Reference unless undertakings accepted

14 November 2022: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger has resulted or may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.

Launch of merger inquiry

16 September 2022: The CMA announced the launch of its merger inquiry by notice to the parties.

Invitation to comment of 16 September 2022: closed 3 October 2022

The CMA is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

Invitation to comment of 19 November 2021: now closed

The CMA is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

These comments should be provided by the deadline set out above.

Contact

Your name and contact details are your personal data. In collecting, receiving, storing, accessing and using your personal data, the CMA, as controller, is processing your personal data. The CMA processes personal data in accordance with data protection law. The CMA is processing your personal data so that it can contact you again, should it need further help or information from you, in order to carry out its merger work under Part 3 of the Enterprise Act 2002. For more information about how the CMA processes personal data and your rights relating to that data, please see our Privacy Notice.

Updates to this page

Published 19 November 2021
Last updated 16 March 2026 show all updates

  1. Approval of Slot Release Agreement published.

  2. Appointment of monitoring trustee published.

  3. Extension of the Proposed Remedy Taker Entry End Date.

  4. Full text decision published.

  5. Undertakings in lieu of reference accepted and final undertakings published.

  6. The CMA has extended the consideration of undertakings in lieu until 23 March 2023, and the notice of extension has been added to the page.

  7. Full text decision of reference unless undertakings accepted published.

  8. Full text of decision to consider undertakings offered, notice of consultation and proposed undertakings published.

  9. Decision to consider undertakings offered published.

  10. Summary of phase 1 decision published.

  11. Launch of merger inquiry announced and commencement notice published.

  12. First published.

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