Alaska Air to acquire Hawaiian Airlines for $1.9B in all-cash deal at $18/share

ALASKA AIR GROUP, INC.

All-cash price of $18.00 per share; enterprise value ~$1.9B including $0.9B net debt.
Combined fleet of 365 aircraft; 138 destinations; access to 1,200+ via oneworld Alliance.
Expected run-rate synergies of at least $235M; accretive to Alaska earnings within two years post-close.
Conditions include Hawaiian shareholder vote, HSR, FAA, FCC, DOT approvals; outside date June 2, 2025 (extendable to Dec 2, 2025).
Alaska pays $100M termination fee if deal blocked; Hawaiian pays $39.55M if it backs out for a superior proposal.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ALASKA AIR GROUP, INC. entered into Agreement and Plan of Merger with Hawaiian Holdings, Inc. and Marlin Acquisition Corp. valued at $18.00 per Share (effective 2023-12-02).

Action: entry
Agreement: merger
Counterparty: Hawaiian Holdings, Inc. and Marlin Acquisition Corp.
Value: $18.00 per Share
Effective: 2023-12-02

Exact text from the filing

Entry into a Material Definitive Agreement On December 2, 2023, Alaska Air Group, Inc., a Delaware corporation (“ Alaska ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) with Hawaiian Holdings, Inc., a Delaware corporation (“ Hawaiian ”), and Marlin Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of Alaska (“ Merger Sub ”), pursuant to which, subject to satisfaction or waiver of the conditions therein, Merger Sub will merge with and into Hawaiian (the “ Merger ”), with Hawaiian surviving as a wholly owned subsidiary of Alaska.

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ALASKA AIR GROUP, INC. filing history →

Source: SEC EDGAR

accession 0001193125-23-287918

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