Daemyung Sono to sell entire stake in Air Premia
Daemyung Sono Hospitality Group said on Friday it would sell its entire 22 percent stake in South Korean low-cost carrier Air Premia, Inc. to the local tire manufacturer Tire Bank as part of efforts to consolidate its aviation business around budget airline T’way Air.
Sono International, the group’s holding company, said it signed a deal to offload 62.8 million shares in Air Premia, jointly held with private equity firm JC Partners Co., at 1,900 won per share for around 120 billion won ($83.5 million).
The sale price represents a modest gain over the 1,600 won per share price paid by Sono International to acquire half of the stake for 58.1 billion won from JC Partners in November 2024.
The deal is expected to close by September 30th, 2025. Both parties have agreed to a term that Sono International would exercise its call option for the remaining 11 percent stake after June to complete the deal.
The move comes as Sono International recently signed a deal to acquire T’way Air and seeks to streamline its aviation portfolio. Although Air Premia is so far the only domestic airline that operates routes to North America outside of the major carriers, the seller said it would focus on expanding T’way Air’s long-haul routes, starting with a new one to Canada’s Vancouver in July 2025.
Sono International plans to reorganize its aviation business portfolio through this transaction.
T’way Air has a global operating network that includes major regions in Europe, including Paris, France and Rome, Italy alongside its routes within Korea and in Asia. Sono International plans to pursue various synergy strategies through linkages with its domestic and international hotel and resort infrastructure.
A Sono International official said, “The sale of Air Premia shares was a strategic choice,” adding that “Moving forward, we will establish a more systematic and stable operating system that is centered around T’way Air as we aim for sustainable and solid growth in the rapidly changing airline market environment.”
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