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Yanolja, a South Korean company that provides online accommodation services, can go ahead and acquire Interpark’s travel business. This news comes after Korea’s Fair Trade Commission (FTC) announced its decision to allow the acquisition deal between the two companies on Tuesday.
With the approval, Yanolja may now proceed and close the deal to acquire Interpark’s travel unit. This will give the company a 70% stake which will cost KRW301.1 billion or about $231.8 million.
According to Korea Joongang Daily, Yanolja does not have to report the deal beforehand to the FTC, as the agreement is now a merger or acquisition of a company but simply a purchase of a business with small revenue. It was explained that companies are usually required to report to the trade commission if they have a market capitalization or annual revenue that is over KRW2 trillion.
Moreover, the FTC said it approved Yanolja’s takeover of Interpark’s travel business because it determined that the acquisition would not limit the market competitiveness in related trade divisions like online reservations, online accommodation booking platforms, online concert ticket reservations, and the issuance of airline tickets.
“When people book accommodations, they are not likely to simultaneously purchase tickets for airlines and when booking other activities. Consumers usually compare the prices on other platforms and choose the best option given, so the deal will not exclude other companies in these sectors,” the FTC stated.
Pulse News reported that the trade agency further said that Yanolja and Interpark’s combined sales plan is not likely to cut out competitors because the percentage of customers who buy transportation or concert tickets along with accommodation bookings is not high in the local market.
Finally, through its acquisition of Interpark, Yanolja is aiming to dive into the global online travel market, where it plans to provide various services related to what it is already offering to customers.
