Hanjin Group Chairman Cho Won-tae speaks during an event to celebrate Korean Air's 55th anniversary, at its headquarters in Seoul, Monday. Courtesy of Korean Air

Korean Air will set a historic milestone after completing its long-awaited acquisition of Asiana Airlines, a step that will help build a healthy aviation industry ecosystem across the nation, Hanjin Group Chairman Cho Won-tae said in a message to employees, Monday.

“All of us will become main characters of history upon finishing the screening procedure for the merger of the two airlines,” Cho told staff during a ceremony marking the 55th anniversary of Korean Air. Hanjin Group operates the nation's flag carrier, which announced its acquisition of the cash-strapped airline in 2020.

“The harsh winter came immediately after we resolved on the acquisition plan, but we are confident that the integrated carrier will grow to serve as a large tree in the global aviation industry,” he said.

Korean Air's acquisition of Asiana Airlines has long been protracted after facing opposition from overseas competition authorities. However, the airline has won approvals from a total of 13 out of 14 foreign authorities over the past three years. The U.S. Department of Justice holds the final key concerning the completion of the high-stakes deal.

Korean Air expects the U.S. authority to grant approvals as early as the first half of 2024. After the airline overcame a major hurdle from the European Union and won conditional approval from the authority, market watchers are betting on the possibility of receiving final approval from the U.S. authority as well.

“Korean Air is a trustworthy airline offering a high level of safety and a warm-hearted service,” Cho said, adding that the airline should build a more customer-centric service in all areas — encompassing flight quality, maintenance and in-flight service.

He also predicted that the aviation industry would face lingering uncertainties and new challenges this year, but shared optimism to tackle them by garnering efforts from the executives and employees.

“All of our staff members have expertise in their own fields, so our future will be brighter than before if we team up with one another,” he said.