---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-287918"
form_type: "8-K"
ticker: "ALK"
cik: "0000766421"
company_name: "ALASKA AIR GROUP, INC."
filed_at: "2023-12-04T23:59:59+00:00"
generated_at: "2026-06-07T19:04:08.025274+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-287918
- form_type: 8-K
- ticker: ALK
- cik: 0000766421
- company_name: ALASKA AIR GROUP, INC.
- filed_at: 2023-12-04T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/766421/000119312523287918/0001193125-23-287918-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/766421/000119312523287918/d786276d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-287918
- JSON: https://secwatch.observer/filing/0001193125-23-287918.json
- Plain text: https://secwatch.observer/filing/0001193125-23-287918.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/766421/000119312523287918/0001193125-23-287918-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.