South Korean flagship carrier Korean Air and the Czech government sold their stakes in Czech Airlines (CSA) to Czech company Travel Service on Tuesday, a Travel Service spokeswoman said. "After buying 44 percent of shares from Korean Air and 19.74 percent from the state, Travel Service will control 97.74 percent of CSA," Vladka Dufkova said in a statement without specifying the price.
Korean Air bought its stake in CSA in 2013 in a bid to expand lucrative long-haul routes to Europe. CSA was deep in the red at that time, but it has since recovered, posting profits in 2015 and 2016. It currently runs a fleet of 18 aircraft.
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