Alaska Air on Sunday announced it will buy Hawaiian Airlines for $1.9 billion.
Alaska Airlines agreed to buy Hawaiian Airlines in a $1.9 billion deal announced Sunday, potentially putting it on track for a clash with a Biden administration wary of higher airfares. The combined company would maintain both airlines' brands, an unusual move in an industry where waves of acquisitions have led to four big brands dominating the U.S. market. On Sunday, the companies said Alaska will pay $18 in cash for each share of Hawaiian, whose stock closed Friday at $4.86 after losing just over half its value in the year so far.
Alaska Air Group Inc said on Sunday it would acquire Hawaiian Holdings Inc for $1.9 billion, including debt, placing a bet on a troubled airline with lucrative routes as U.S. antitrust regulators fight consolidation in the sector. Alaska Air said it would pay $18 per share in cash, close to four times Hawaiian's closing price on Friday. The whopping premium reflected how battered Hawaiian's shares were.