Travel Service acquires majority in national airline CSA

PRAGUE (AP) - Czech airline Travel Service says it has acquired a majority stake in the national carrier, Czech Airlines, known as CSA.

Travel Service, the Czech Republic’s biggest carrier, says it has reached a deal with the Czech state and Korean Air to buy their CSA stakes.

Travel Service had a 34 percent stake, while Korean Air acquired a 44 percent share from the government in 2013. The government still had almost 20 percent.

The sale of the state’s stake still depends on approval by an anti-monopoly office.

The transaction gives Travel Service a 97.74 percent stake.

Travel Service operates regular flights under the name Smart Wings, as well as charter flights and private flights.

The CEFC China Energy Company has almost a 50 percent stake in the airline.