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Alaska Air | 8-K: Current report

SEC ·  Sep 18 08:57
Summary by Moomoo AI
Alaska Air Group, Inc. (Alaska) has successfully completed the acquisition of Hawaiian Holdings, Inc. (Hawaiian), as announced on September 18, 2024. This strategic move was initially disclosed on December 2, 2023, when Alaska entered into a Merger Agreement with Hawaiian and Marlin Acquisition Corp., a subsidiary of Alaska. The merger resulted in Hawaiian becoming a wholly owned subsidiary of Alaska, with shareholders of Hawaiian receiving $18.00 per share in cash. The acquisition, valued at approximately $1.0 billion, was funded by Alaska's cash on hand. The merger also included financial obligations under a Guarantee related to Hawaiian Airlines's aircraft financing. Alaska Air Group's CEO, Ben Minicucci, emphasized the shared commitment to connecting communities and the combined strength of both airlines. The acquisition is expected...Show More
Alaska Air Group, Inc. (Alaska) has successfully completed the acquisition of Hawaiian Holdings, Inc. (Hawaiian), as announced on September 18, 2024. This strategic move was initially disclosed on December 2, 2023, when Alaska entered into a Merger Agreement with Hawaiian and Marlin Acquisition Corp., a subsidiary of Alaska. The merger resulted in Hawaiian becoming a wholly owned subsidiary of Alaska, with shareholders of Hawaiian receiving $18.00 per share in cash. The acquisition, valued at approximately $1.0 billion, was funded by Alaska's cash on hand. The merger also included financial obligations under a Guarantee related to Hawaiian Airlines's aircraft financing. Alaska Air Group's CEO, Ben Minicucci, emphasized the shared commitment to connecting communities and the combined strength of both airlines. The acquisition is expected to offer expanded benefits to travelers, including access to more destinations and seamless connectivity through the oneworld Alliance. The integration process will involve securing a single operating certificate from the FAA, with no immediate changes to operations, websites, or loyalty programs. The combined airline will maintain the distinct brands of Alaska Airlines and Hawaiian Airlines, with Honolulu becoming Alaska's second-largest hub. The acquisition is anticipated to generate at least $235 million in run-rate synergies and is expected to be accretive to earnings within the first two years.

This announcement is a separate document:

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