Alaska Airlines To Buy Hawaiian Airlines In $1.9B Deal

Bloomberg News reports:

Alaska Air Group Inc. agreed to buy rival Hawaiian Holdings Inc. for $1.9 billion in cash and debt, challenging the Biden administration’s aggressive stance on mergers that has already derailed one partnership between carriers.

Alaska will pay $18 per share in cash in a deal that includes about $900 million of Hawaiian’s debt, according to a statement Sunday. The offer — a significant premium to Hawaiian Holdings’ $4.86 closing price on Friday — sent its stock surging 174% on Monday.

The deal could provide a valuable lifeline to Hawaiian, whose stock has tumbled more than 52% this year. The company has been hurt by the slow return of tourism between Asia and Hawaii following the pandemic.

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Alaska Air has agreed to buy rival Hawaiian Airlines in a $1.9 billion deal to combine the two carriers https://t.co/oZ1C0cqBk5

— Bloomberg (@business) December 4, 2023