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Business deals

Virus outbreak cuts price of South Korean budget airline deal

Jeju Air buys rival Eastar at $45m as industry beset by travel slump

Jeju Air, South Korea's top budget airline, has not been immune from the country's travel slump. (Photo courtesy of the company)

SEOUL -- Jeju Air, South Korea's biggest budget airline, has agreed to take over fifth-ranked carrier Eastar Jet for 54.5 billion won ($45.7 million), a price partly undercut by the ongoing coronavirus outbreak.

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