S Korea's Jeju Air to acquire 51% stake in Eastar Jet for $59m

S Korea's Jeju Air to acquire 51% stake in Eastar Jet for $59m

A Jeju Air flight. Photo: Jeju Air

South Korean budget airline Jeju Air Co Ltd signed a preliminary deal to buy a 51% stake in unlisted low-cost carrier Eastar Jet Co for about 69.5 billion won ($58.93 million), Jeju Air and its parent AK Holdings said on Wednesday.