SEOUL - South Korean budget carrier Jeju Air Co Ltd <089590.KS> said on Monday it would acquire a 51% stake in competitor Eastar Jet for 54.5 billion won ($45.49 million).

Jeju Air said in a regulatory filing that the acquisition was to improve competitiveness. South Korean airlines have sustained losses since a diplomatic feud between South Korea and Japan last year, and this year's coronavirus epidemic has hit air travel demand hard. REUTERS