Korean Air finalizes merger deal with Asiana Airlines

South Korean flagship carrier Korean Air Lines Co. completed its acquisition of a stake in smaller local rival Asiana Airlines Inc.

This concluded a merger process that had been ongoing for over four years and the acquisition marks the end of a 36-year era when Korea had two major national airlines, which began when Asiana Airlines was founded in 1988.

Korean Air finalized the merger on Wednesday by paying the…