This article was published on April 11, 2025, at 3:42 p.m. on the ChosunBiz MoneyMove site.
The consortium, which includes SoSIOUS and Korea Investment Partners in the private equity division acquiring Asiana Airlines' cargo division, is reportedly considering raising funds up to 180 billion won, with financial affiliates of Hyundai Motor Group seriously reviewing their participation as primary investors. If Hyundai GLOVIS, which has already joined as a secondary investor, is followed by other financial affiliates, Hyundai Motor Group's influence within Air Incheon is expected to grow.
According to the investment banking industry on the 11th, Hyundai Capital, Hyundai Commercial, and Hyundai Motor Securities are considering the possibility of investing in Air Incheon. The investment amount is in the hundreds of millions of won but has not yet been determined.
Air Incheon agreed to acquire Asiana Airlines' cargo division for 470 billion won last year. The existing owner of Air Incheon, 'SoSIOUS No. 5 PEF', is set to raise at least 400 billion won, with 300 billion won allocated to the special purpose company (SPC) 'SoSIOUS Aviation', adding another 300 billion won in acquisition financing to meet the 470 billion won division acquisition cost. The remaining 130 billion won is reportedly set to be used when the partitioned entity of Asiana Airlines' cargo division conducts a paid-in capital increase.
The consortium has been pursuing funding of 180 billion won to date. It needs to grow the No. 5 PEF to 400 billion won, but they had secured only 250 billion won, combining Inhwa Precision's existing investment (100 billion won) and Hyundai GLOVIS's secondary investment (150 billion won). Their plan was to collect a total of 180 billion won, adding management fees and due diligence expenses of 20 billion to 30 billion won.
If three additional affiliates of Hyundai Motor Group invest, they will remain as primary investors alongside Inhwa Precision. However, the industry expects it will be difficult to acquire a large share due to the number of institutions interested in participating in the funding.
The launch of the integrated Air Incheon is aimed for July. Before the merger, there remain procedures for approval from the Fair Trade Commission and operational permits from aviation authorities. The funding is expected to be completed by mid-May at the earliest, according to industry forecasts.