FlightGlobal
• Alfred Chua
Korean Air’s board and Asiana Airlines’ shareholders have formally approved the merger agreement, marking a major corporate milestone in the carriers’ long-running integration. The approvals clear the way for the airlines to combine by December 2026, subject to completion of the remaining process.
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Marlink plans to acquire GRC, a U.K.-based defense communications specialist, in a move intended to strengthen its position in European government, defense and critical infrastructure markets. The transaction expands Marlink’s focus beyond commercial connectivity into strategically important public-sector and security-related communications.
Marshall Group says it is pursuing a comprehensive sales process for Marshall Aerospace, its final remaining division and a UK-based military maintenance, repair and overhaul provider. The family-owned company aims to identify a buyer and complete the divestment by the end of this year.
Boeing is divesting its electric aircraft and defense drone units in exchange for a 20% stake in Archer Aviation, valuing the air-taxi company at $5 billion. The transaction shifts Boeing’s exposure to advanced air mobility from direct development to an equity position in Archer.
easyJet’s £5.7bn takeover battle, ultimately won by Apollo, has focused attention on airline assets trading below book value. Jet2’s roughly £3bn valuation, IAG’s Avios loyalty business and Lufthansa’s repairs arm may also be undervalued, while stake sales could unlock value.
High activity
Korean Air’s board and Asiana Airlines’ shareholders have formally approved the merger agreement, marking a major corporate milestone in the carriers’ long-running integration. The approvals clear the way for the airlines to combine by December 2026, subject to completion of the remaining process.
Turkish Airlines expects European Commission approval by the end of 2026 for its planned investment in Air Europa, while Korean Air and Asiana shareholders have approved a merger targeted to launch on Dec. 17, 2026. Separately, higher fuel costs sharply reduced second-quarter profits at Turkish and Thai Airways.
High activity
Air Canada is selling a 25% minority stake in its Aeroplan loyalty program to funds managed by Blackstone, La Caisse de dépôt et placement du Québec and other Canadian institutions for C$2.5 billion, valuing the program at about C$10 billion. Air Canada will retain operational and strategic control, using proceeds for debt repayment and share buybacks.
Air Canada shares climbed to their highest level since July 2021 as analysts assessed the potential sale of a stake in Aeroplan, the airline’s travel loyalty program. The discussion has focused on a possible transaction involving Blackstone, though no deal was confirmed in the report.
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