Czech airline Travel Service, co-owned by China’s CEFC, has agreed to buy Korean Air’s and the Czech government’s stakes in Czech national flag carrier Czech Airlines (CSA) to take nearly full ownership in the firm, Czech Television reported.

Travel Service, which already holds a 34 percent stake in CSA, declined to comment but said it would issue a statement later on Friday. The sale of the state’s stake still depends on approval by an anti-monopoly office.

Korean Air holds a 44 percent stake in CSA, while the state holds 19.7 percent.

Chinese investment group CEFC holds a 49.9 percent stake in Travel Service, a charter operator and low-cost airline under the Smartwings brand. Founder Jiri Simane and business partners control the rest.

The transaction gives Travel Service a 97.74 percent stake.

Dave Patterson is a content marketer. A writer by day and a reader by night. Coffee addict.