Alaska Air Group says to acquire Virgin America in $4bn deal
Alaska Air will pay $57 in cash per share for Virgin America
PHOTO: REUTERS
WASHINGTON, DC:
Alaska Airlines parent company Alaska Air Group said on Monday it was acquiring Virgin America in a friendly takeover worth around $4 billion.
A definitive merger of the airlines had been unanimously approved by the boards of both companies, it said in a statement.
Alaska Air will pay $57 in cash per share for Virgin America.
"The combination expands Alaska Airlines' existing footprint in California, bolsters its platform for growth and strengthens the company as a competitor to the four largest US airlines," it said.
The newly merged company will be headquartered in Seattle, it said.
Alaska Airlines parent company Alaska Air Group said on Monday it was acquiring Virgin America in a friendly takeover worth around $4 billion.
A definitive merger of the airlines had been unanimously approved by the boards of both companies, it said in a statement.
Alaska Air will pay $57 in cash per share for Virgin America.
"The combination expands Alaska Airlines' existing footprint in California, bolsters its platform for growth and strengthens the company as a competitor to the four largest US airlines," it said.
The newly merged company will be headquartered in Seattle, it said.