Korea's aviation industry undergoes major M&A shakeup

VIG Partners is moving to acquire Air Premia in a deal that could reshape Korea’s low-cost carrier market by combining it with Eastar Jet. The transaction is reportedly worth about 300 billion won for roughly 70 percent of Air Premia, and VIG already bought Eastar Jet in 2023. The move comes as Korean Air’s Asiana takeover is set to integrate Jin Air, Air Busan and Air Seoul, increasing pressure on smaller carriers to expand scale and diversify routes.

VIG is reportedly in negotiations with AP Holdings and Tire Bank to acquire about 70 percent of Air Premia for around 300 billion won, or $217 million.

Eastar Jet and Air Premia generated combined sales of about 1.21 trillion won last year, according to both firms.

The combined Jin Air is expected to operate roughly 60 aircraft and become the country’s largest LCC when it launches in March next year.

Korean Air’s acquisition of Asiana Airlines is reshaping the LCC market through the integration of Jin Air, Air Busan and Air Seoul.

An aviation industry official said the launch of the converged Jin Air will push the market toward fewer, larger carriers competing across broader networks.

Published Sep 22, 2026 7:00 am KST

Fragmented LCC landscape set to be reshaped by economies of scale

Air Premia's Boeing 787-9 aircraft / Courtesy of Air Premia

Korea’s low-cost carrier (LCC) industry is heading for a major shakeup, as VIG Partners moves to acquire Air Premia, seeking synergies by combining the long-haul-focused carrier with its existing Eastar Jet, which has a stronger presence on short-haul routes.

VIG is reportedly in negotiations with AP Holdings and Tire Bank to acquire about 70 percent of Air Premia, with the transaction valued at around 300 billion won ($217 million).

The potential deal would mark VIG’s second major move in Korea’s LCC industry since it acquired Eastar Jet in 2023.

The latest move would give the private equity firm access to two airlines with distinctly different route strategies: Eastar has focused largely on short- and medium-haul routes, while Air Premia has built its business around long-haul services, including flights particularly to the United States.

The combination could therefore offer a way to build scale across a broader network, rather than simply adding another airline to VIG’s portfolio. Eastar Jet and Air Premia generated combined sales of about 1.21 trillion won last year, according to both firms.

The timing is significant in that Korean Air’s acquisition of Asiana Airlines is set to reshape the LCC market through the integration of their three LCC affiliates — Jin Air, Air Busan and Air Seoul. The combined Jin Air is expected to operate roughly 60 aircraft and emerge as the country’s largest LCC when it launches in March next year.

That prospect is putting pressure on smaller carriers to rethink a business model that has long been criticized for excessive supply and fragmented competition. Airlines are now increasingly looking to expand their scale, diversify networks and improve fleet economics, rather than competing primarily through short-haul routes and fares.

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VIG’s potential acquisition of Air Premia also comes against a similar backdrop, even if nothing specific has been confirmed over whether the private equity will merge both LCCs later.

If Eastar and Air Premia are eventually integrated, the converged carrier would combine short- and medium-haul connectivity with Air Premia’s long-haul network, potentially allowing it to spread fixed costs across a larger operation and offer a wider range of routes.

The upcoming launch of the integrated Jin Air could accelerate that pressure. With a much larger fleet and revenue base, the new carrier could force smaller competitors to either achieve comparable scale or establish more clearly differentiated business models.

“The launch of the converged Jin Air will pave the way for fewer, larger carriers to compete across broader networks — accelerating the transition from Korea’s long-standing fragmented LCC landscape to one increasingly shaped by economies of scale,” an official from the aviation industry said.

VIG Partners正计划收购Air Premia，此举或将通过与Eastar Jet合并重塑韩国低成本航空市场格局。据报道，此次交易价值约3000亿韩元，VIG将收购Air Premia约70%的股份。VIG此前已于2023年收购了Eastar Jet。与此同时，大韩航空对韩亚航空的收购计划也将整合真航空、釜山航空和首尔航空，这将加大小型航空公司扩大规模和拓展航线的压力。

据报道，VIG 正在与 AP Holdings 和 Tire Bank 进行谈判，拟以约 3000 亿韩元（约合 2.17 亿美元）的价格收购 Air Premia 约 70% 的股份。

据易斯达航空和Air Premia两家公司称，两家公司去年合计销售额约为1.21万亿韩元。

合并后的真航空预计将运营约 60 架飞机，并于明年 3 月正式运营，成为韩国最大的低成本航空公司。

大韩航空收购韩亚航空，并通过整合真航空、釜山航空和首尔航空，重塑了低成本航空市场。

一位航空业官员表示，融合后的真航空的推出将推动市场朝着规模更大、数量更少的航空公司发展，这些航空公司将在更广泛的航线网络中展开竞争。

发布于2026年9月22日 上午7:00（韩国标准时间）

低成本制造行业碎片化的格局将因规模经济而重塑。

Air Premia 的波音 787-9 飞机 / 图片由 Air Premia 提供

韩国低成本航空公司（LCC）行业正面临重大变革，VIG Partners 计划收购 Air Premia，希望通过将这家专注于长途航线的航空公司与其现有的在短途航线上拥有更强实力的易斯达航空合并，实现协同效应。

据报道，VIG 正在与 AP Holdings 和 Tire Bank 进行谈判，拟收购 Air Premia 约 70% 的股份，交易价值约为 3000 亿韩元（2.17 亿美元）。

这项潜在交易将是 VIG 自 2023 年收购易斯达航空以来在韩国低成本航空领域的第二次重大举措。

此举将使这家私募股权公司有机会投资两家航线策略截然不同的航空公司：Eastar 主要专注于短途和中程航线，而 Air Premia 则围绕长途服务（尤其是飞往美国的航班）建立了业务。

因此，此次合并不仅限于为VIG旗下新增一家航空公司，更有助于在更广泛的网络中扩大规模。据两家公司称，易斯达航空和Air Premia去年的合并销售额约为1.21万亿韩元。

时机至关重要，因为大韩航空收购韩亚航空后，将通过整合旗下三家低成本航空公司——真航空、釜山航空和首尔航空，重塑低成本航空市场格局。合并后的真航空预计将运营约60架飞机，并于明年3月正式运营，届时将成为韩国最大的低成本航空公司。

这一前景正迫使规模较小的航空公司重新思考其长期以来因供应过剩和竞争分散而备受诟病的商业模式。如今，航空公司越来越倾向于扩大规模、拓展航线网络并改善机队经济效益，而不是主要依靠短途航线和票价来展开竞争。

Air Premia航空新增札幌航线，方便冬季旅客出行。

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VIG 可能收购 Air Premia 的背景也与之类似，尽管目前还没有具体消息证实这家私募股权公司之后是否会将这两家低成本航空公司合并。

如果易斯达航空和普雷米亚航空最终合并，合并后的航空公司将把短途和中程航线与普雷米亚航空的长途航线网络相结合，从而有可能将固定成本分摊到更大的运营中，并提供更广泛的航线选择。

即将推出的综合性航空公司真航空可能会加剧这种压力。凭借规模更大的机队和收入基础，这家新航空公司可能会迫使规模较小的竞争对手要么达到类似的规模，要么建立更具差异化的商业模式。

一位航空业官员表示：“整合后的真航空的推出将为更少但规模更大的航空公司在更广泛的网络中展开竞争铺平道路，加速韩国低成本航空业从长期以来分散的格局向日益受规模经济影响的格局转变。”