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- T'way Air
T'way Air Acquisition, Valuation, Funding & Investors
T'way Air was acquired by Sono for $506M in February 2025, a 0.4x multiple on $1.2B of revenue.
T'way Air acquisition price
$506M
Acquired by Sono · Feb 2025
T'way Air revenue at acquisition
$1.2B
Last twelve months · Feb 2025
T'way Air revenue multiple at acquisition
0.4x
EV/Revenue · Feb 2025
Cumulative funding T'way Air raised
$73M
across 1 funding round
About T'way Air
T'way Air Co Ltd is an airline service provider. The services provided by the airlines include flight ticket, at the airport, baggage, during flight, and additional services like bundle, choosing your sear, check in baggage, and in flight meal service.
Founded
2003
HQ
Website
Status
Acquired
Customer focus
B2C
Revenue model
Product sales
Revenue
$1.2B (Feb 2025)
Valuation
$506M (acquired Feb 2025)
Sectors
T'way Air Acquisition
T'way Air was acquired by Sono for $506M on 26 February 2025.
The acquisition price implies a 0.4x revenue multiple on $1.2B of revenue.
Before the acquisition T'way Air had raised $73M across 1 funding round.
T'way Air, a South Korean low-cost carrier operating Boeing 737s for intra-Asian routes and A330-300s plus A330-900neo for long-haul flights, was acquired by Daemyung Sono Group, a leading hotel, resort, and condominium company previously focused on tourism and leisure. In February 2025, Daemyung Sono's holding company Sono International signed a stock purchase agreement to buy 52.34 million shares (46.26% stake) in T'way Holdings from YeaRimDang Publishing and its owners for 250 billion won (approximately USD 174-185 million), increasing its total ownership to over 50% and securing control after a prolonged shareholder battle. The deal resolved governance disputes between major shareholders, enabling strategic focus under new management. South Korea's Fair Trade Commission approved the acquisition on June 10-11, 2025, confirming no adverse impact on aviation market competition following review of Daemyung Sono's financial capacity. On June 24, 2025, T'way Air held an extraordinary shareholders' meeting in Seoul, approving nine new board directors recommended by Daemyung Sono, including Chairman Seo Jun-hyuk and internal candidates like Lee Sang-yoon and Ahn Woo-jin from Sono International. A new CEO was appointed on June 27 from internal directors, replacing Chung Hong-geun after a decade; the group also received merger approval for Sono International, T'way Air, and T'way Holdings, planning a name change post-regulatory clearances from the Ministry of Land, Infrastructure and Transport. Daemyung Sono aims to modernize T'way Air's fleet by concentrating on Boeing 737s for regional routes, phasing out older A330-200s and B777-300ERs as new A330-900neo aircraft arrive, restructure the balance sheet, expand the route network amid Asian demand growth, and leverage vertical integration synergies with its hospitality portfolio. By September 8, 2025, T'way announced a rebrand to Trinity Airways; the acquisition intensifies competition in South Korea's aviation sector, potentially influencing rivals' strategies.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 26 Feb 2025 | Strategic M&A | $506M | 0.4x |
T'way Air Funding History
T'way Air has raised a total of $73M across 1 funding round, plus 1 secondary share sale.
T'way Air funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jun 2024 | Secondary | Sono (lead) | $138M | T'way Air is a South Korean low-cost carrier based in Daegu, operating 47 aircraft to 47 destinations with 74 routes and 174 daily flights. On June 28, 2024, Sono International acquired a 14.90% stake in T'way Air for approximately KRW 110 billion, including KRW 105.58 billion in cash for common equity. Sono International, the largest shareholder, has continued supporting T'way Air through subsequent capital raises, including full subscription to 26.85 million shares worth KRW 25.6 billion in a March 2026 rights offering representing 34.87% of new shares, and plans for larger raises like KRW 191 billion and KRW 200 billion. T'way Air's trailing twelve-month revenue stood at KRW 1.67 trillion, with cost of revenue at KRW 1.76 trillion, resulting in a gross loss of KRW 95.08 billion and net earnings of -KRW 334.46 billion. The company faces financial challenges, including capital impairment, high debt, and negative gross margin of -5.70% and net profit margin of -20.06%. Proceeds from capital increases fund fleet expansion with A330-900neo aircraft, long-haul routes to Europe, North America, and Australia, debt reduction, and improved financial stability to enhance credit ratings and investor confidence. |
| Jan 2021 | Undisclosed stage | JKL Partners | $73M | T'way Air, a South Korean low-cost carrier based in Daegu, faced M&A activity in 2024 with Daemyung Sono Group pushing for management changes as the second-largest shareholder with 26.77% stake. JKL successfully exited its stake in 2024, selling to Daemyung Sono Group, doubling its investment with an IRR of 23%, amid industry recovery. In June 2024, Sono International acquired 32.09 million shares (14.9% stake) from JKL for 105.6 billion KRW. Recent 2026 developments include a rights offering for KRW73.3 billion (USD49.1 million) to fund A330-900N aircraft and long-haul expansion, with full participation from largest shareholder Sono International subscribing KRW25.6 billion (USD17.2 million) for 34.9% of new shares. |
Who has invested in T'way Air?
2 investors have backed T'way Air across its funding rounds, including JKL Partners and Sono.
Lead investors include Sono.
T'way Air Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialT'way Air Competitors
T'way Air competitors include listed companies like Air Astana, Croatia Airlines, Pakistan International Airlines and Chorus Aviation, and private ones like Shenzhen Airlines and ITA Airways.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.4B | $310M | $513M | 0.7x | ||
| Publicly listed | $274M | $10M | $491M | - | ||
| Publicly listed | $92M | $81M | $484M | - | ||
| Publicly listed | $943M | $157M | $458M | 0.7x | ||
| Private | - | - | $795M | - | ||
| Private | - | - | $848M | - |
T'way Air Public Comps
T'way Air is no longer listed, but its public comps include Air Astana, Croatia Airlines, Pakistan International Airlines, Chorus Aviation, AirAsia Group, Asia Aviation, Air New Zealand, Volaris, Jeju Air and Capital A.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.4B | $310M | 0.8x | 0.7x | 3.5x | 3.1x | |||
| $274M | $10M | 2.8x | - | 73.9x | - | |||
| $92M | $81M | 22.6x | - | 25.9x | - | |||
| $943M | $157M | 0.7x | 0.7x | 4.2x | 4.8x | |||
| $819M | $127M | 5.3x | 1.0x | 34.2x | 5.6x | |||
| $1.4B | $299M | 1.2x | 1.1x | 5.3x | 7.7x | |||
| $4B | $293M | 0.5x | 0.5x | 6.7x | 6.7x | |||
| $3B | $802M | 1.3x | 1.1x | 4.8x | 4.9x | |||
This data is available for Pro users. Sign up to see all T'way Air competitors and their valuation data. Start Free Trial | ||||||||
Common questions about T'way Air
| When was T'way Air founded? | T'way Air was founded in 2003. |
| Where is T'way Air headquartered? | T'way Air is headquartered in Seoul, South Korea. |
| Is T'way Air publicly listed? | No, T'way Air was acquired by Sono in February 2025. |
| Who acquired T'way Air? | T'way Air was acquired by Sono in February 2025. |
| How much was T'way Air acquired for? | T'way Air was acquired for $506M in February 2025, a 0.4x revenue multiple. |
| How much funding has T'way Air raised? | T'way Air has raised $73M across 1 funding round. |
| What was T'way Air's last funding round? | T'way Air's last funding round was a $73M undisclosed-stage round in January 2021. |
| Who are T'way Air's investors? | T'way Air's investors include Sono and JKL Partners. |
| Which companies are comparable to T'way Air? | Companies comparable to T'way Air include Air Astana, Croatia Airlines, Pakistan International Airlines, Chorus Aviation, Shenzhen Airlines and ITA Airways. |
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