Seoul: Korean Air Co. announced Thursday that the European Union has granted final approval for its merger with Asiana Airlines Inc., bringing a significant development in the aviation industry. According to Yonhap News Agency, the European Commission (EC), the executive body of the EU, provided the final nod for the 1.8 trillion-won (US$1.4 billion) merger after evaluating remedies proposed to address competition concerns over the last nine months. Korean Air confirmed in a press release that the EC completed its review after verifying that Korean Air met all necessary conditions for merging with Asiana Airlines. As part of the conditional approval by the EC in February, Korean Air has divested four European passenger flight routes to the local low-cost carrier T'way Air Co. Furthermore, Korean Air has agreed to sell Asiana's cargo business to Air Incheon Co. as part of the required remedies. The EC has approved Air Incheon as the buyer of Asiana Airlines' freighter business. Earlier this month, the commi ssion concluded that T'way Air had fulfilled its commitment to operating the four European routes received from Korean Air. With the EC's approval, Korean Air has now secured 13 approvals from competition authorities worldwide, including those in South Korea, China, Japan, and Australia. Korean Air mentioned that it has submitted the EC's final approval to the U.S. Department of Justice (DOJ) and aims to complete the transaction within the year. Industry experts anticipate that Korean Air will receive the necessary final approval from the U.S. DOJ, which examines antitrust issues in the U.S. market, next month. Although the DOJ reportedly considered litigation to block the deal due to competition concerns, it is believed not to pursue legal action. To address monopoly concerns on U.S. routes, Korean Air has expanded its code-sharing partnership with Air Premia for North American routes. In November 2020, Korean Air signed the agreement to acquire a controlling stake in Asiana, aiming to establish the world' s 10th-largest airline by fleet. Together, the two full-service carriers account for a combined 40 percent of passenger and cargo slots at Incheon International Airport, the primary gateway to Seoul.