ALASKA AIR GROUP, INC. acquires Hawaiian Holdings, Inc. (Hawaiian Airlines)

ALASKA AIR GROUP, INC. acquired Hawaiian Holdings, Inc. (Hawaiian Airlines) for $18.00 per share in cash; transaction value of approximately $1.9 billion, inclusive of approximately $0.9 billion of Hawaiian Airlines net debt, a transaction completed in September 2024, structured as all cash.

Hawaiian Holdings, Inc. (Hawaiian Airlines) operates in Passenger airlines - West Coast and Pacific / Hawai‘i network, is based in Honolulu, Hawai‘i. Hawaiian Holdings, Inc. is the parent of Hawaiian Airlines, a more than 90-year-old carrier serving Hawai‘i, the Continental U.S., and destinations across the Pacific and Asia, including extensive Neighbor Island service within the Hawaiian Islands and a fleet that added Boeing 787, Airbus A330 and A321neo widebody and narrowbody aircraft to the combined company.

Alaska stated the all-cash combination would unlock more destinations for consumers and expand choice of critical air service options across the Pacific region, the Continental U.S. and globally, building a stronger platform for growth and competition while preserving both brands on a single operating platform and protecting union-represented jobs in Hawai‘i; the deal was expected to be accretive to Alaska's earnings within two years post-close with at least $235 million of expected run-rate synergies.

Establishes Honolulu as the combined company's second-largest hub, adds a widebody fleet (Boeing 787, Airbus A330) and transpacific/Asia-Pacific reach to Alaska's largely narrowbody West Coast network, and expands the combined network to 141 destinations including 29 international markets. At least $235 million of expected run-rate synergies; expected to be accretive to Alaska's earnings within two years post-close. Hawaiian Airlines operated as a separate carrier under Alaska Air Group while pursuing a single FAA operating certificate; both brands maintained. Alaska Air Group closing press release (Sept. 18, 2024): the combined Alaska Air Group airlines fly nearly 1,500 daily flights to 141 destinations including 29 international markets, maintain hubs in Seattle, Honolulu, Los Angeles, San Francisco, Portland, San Diego and Anchorage with Honolulu becoming the second largest behind Seattle, operate a fleet of 350 aircraft, and employ more than 33,000 people.