Jeju Air Postpones Signing SPA for Acquisition of Eastar Jet Again to February

[Asia Economy Reporter Yoo Je-hoon] Jeju Air announced on the 31st that it has decided to postpone the stock purchase agreement (SPA) related to the acquisition of Eastar Jet to February. This is the second time Jeju Air has delayed the SPA schedule, following the end of last year.

Regarding this, Jeju Air stated, "The due diligence schedule could not proceed as planned due to issues such as the year-end and New Year holidays and the Lunar New Year holiday, making it difficult to conclude the SPA within January," adding, "This can be changed by mutual agreement between the two companies, and accordingly, Jeju Air and Eastar Jet plan to sign the contract in February."

Previously, Jeju Air signed a memorandum of understanding (MOU) for the SPA with Eastar Holdings on December 18 of last year and began due diligence on December 26. The two companies originally planned to conclude the SPA 'within the year' last year but corrected this on December 31 to proceed within this month.

As Jeju Air delays the SPA schedule for the second time, there are interpretations inside and outside the industry that this merger and acquisition battle might be falling through. However, Jeju Air stated, "It is only a matter of insufficient time, and there are no issues such as acquisition failure that the market is concerned about."

This content was produced with the assistance of AI translation services.