SEATTLE (AP) — Alaska Air Group has agreed to buy Hawaiian Airlines in a $1.9 billion deal including debt. The airlines announced the agreement Sunday.
Alaska will pay $18 in cash for each share of Hawaiian, whose stock closed Friday at $4.86.
The deal includes $900 million in Hawaiian debt, which the airlines said brings its total value to $1.9 billion.
The acquisition still needs approval from the boards of both companies, as well as from the shareholders of Hawaiian Holdings.
It will also need the blessing of U.S. regulators, which have shown resistance to more consolidation within the airline industry.
