Alaska Air to Acquire Hawaiian Airlines for a Cost of $1.9 Billion

This week, the Alaska Air Group (ALK) is to give out their quarterly results with an Alaska Airlines corporate building featured in the city of SeaTac, Washington, which is the place of their headquarters. The signs and logos are in the US on the 16th of July 2022.

 An announcement from CNN --

 On Sunday, Alaska Air Group Inc. (NYSE:ALK) revealed its intent to acquire Hawaiian Holdings Inc. (NASDAQ:HA) for $1.9 billion. This is according to the 13 analysts predicting a 12-month consensus price of 39.73 for ALK and the 6 analysts foretelling a 12-month consensus price of 4.85 for HA.

 After a period of "several months" of negotiations, Alaska Airlines CEO Ben Minicucci announced the completion of the acquisition, which will involve $900 million of Hawaiian Airlines debt.

 At a press conference, Minicucci expressed enthusiasm for the union of two airlines which have earned immense loyalty in our areas, noting that the combination will give customers in both states a broader selection of both domestic and international flights.

 The agreement, expected to be concluded in a timespan between nine and eighteen months, will ensure that both companies maintain their respective brands. This unique resolution was arrived at by Minicucci and Hawaiian Airlines CEO and President Peter Ingram, who wanted to honor the almost century-long history of the two airlines and the places they serve.

 Alaska Airlines asserted in a statement on Sunday that both states are especially dependent on air transportation. The airline presently flies to 19 cities, many of which are not accessible by land.

 The union of the two companies will turn Honolulu into a major hub for the newly formed company, providing West Coast travelers access to the Asia-Pacific region with just one stop in Hawaii, as per the news release.

 The Alaskan Airlines organization announced that their plane fleet will be extended from roughly 300 to 365, and they will offer flights to a total of 138 places, plus "direct service to 29 premier destinations around the world in the Americas, Asia, Australia, and the South Pacific," according to their release.

 On Wednesday, March 10, 2021, Hawaiian Airlines' inaugural flight to Kahului Airport in Maui was set to depart from Long Beach.

 Alaskan customers of Hawaiian Airlines will experience amplified benefits due to the carrier's affiliation with the Oneworld global airline alliance. These rewards include access to lounges, upgraded credit card loyalty program, and more mileage earnings/redemptions.

 Ingram commented that by joining Alaska Airlines, they are connecting to an airline that has extended its service to Hawaii with a matching network and shared culture of service. He further stated that this transaction with Alaska Airlines will provide more capacity and resources for Hawaiian Airlines to increase investments in customer experience and technology, while keeping the Hawaiian Airlines brand in place.

 The announcement of Minicucci as the CEO of both airlines was described as "pro-consumer" and could help the fifth-largest airline in the U.S. better compete with the "Big Four" airlines (United, Delta, Southwest, and American Airlines) that currently control 80% of the domestic market.

 Antitrust authorities may review the agreement. This follows on the heels of JetBlue Airways CEO Robin Hayes appearing in federal court in response to an antitrust suit launched by the Justice Department and AGs from six states and the District of Columbia regarding the company's proposed buyout of Spirit Airlines for $3.8 billion.

 In response to queries about when the acquisition would take place, Minicucci stated that the lawyers would be handling that question.

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