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Alaska Airlines to Acquire Hawaiian Airlines for $1.9 Billion

Alaska Airlines and Hawaiian Airlines have entered into a definitive agreement, under which Alaska will acquire Hawaiian for $18.00/share in cash, in a transaction valued at $1.9 Billion, inclusive of Hawaiian Airlines’ net debt of $900 million.


Alaska Airlines and Hawaiian Airlines to Combine, Expanding Benefits and Choices for Travelers Throughout the West Coast and Hawaii - Courtesy Alaska Airlines, Hawaiian Airlines

On Sunday (December 3, 2023), Alaska Airlines and Hawaiian Airlines announced that they will combine, providing more choice for customers throughout the West Coast and Hawaii.  Both carriers will maintain their strong, individual, high-quality brands, supported by a single, compelling loyalty offering.  The combined company will expand the fifth largest airline in the U.S., which will operate a fleet of 365 narrow and widebody airplanes, serving 138 destinations throughout both networks and over 1,200 destinations worldwide via the oneworld alliance.  Honolulu will become a key hub for Alaska Airlines, enabling greater international connectivity from the West Coast throughout the Asia Pacific region with one-stop service through Hawaii.  The all-cash transaction will pay Hawaiian Airlines’ shareholders $18.00/share, for a transaction valued at $1.9 billion, including Hawaiian’s net debt of $900 million.


In Sunday’s announcement, Alaska Airlines’ CEO, Ben Minicucci, said,


“This combination is an exciting next step in our collective journey to provide a better travel experience for our guests and expand options for West Coast and Hawai‘i travelers.  We have a longstanding and deep respect for Hawaiian Airlines, for their role as a top employer in Hawai‘i, and for how their brand and people carry the warm culture of aloha around the globe. Our two airlines are powered by incredible employees, with 90+ year legacies and values grounded in caring for the special places and people that we serve.  I am grateful to the more than 23,000 Alaska Airlines employees who are proud to have served Hawai‘i for over 16 years, and we are fully committed to investing in the communities of Hawai‘i and maintaining robust Neighbor Island service that Hawaiian Airlines travelers have come to expect.  We look forward to deepening this stewardship as our airlines come together, while providing unmatched value to customers, employees, communities and owners.”


Also commenting on the combination with Alaska Airlines, Hawaiian Airlines’ President and CEO, Peter Ingram, said,


“Since 1929, Hawaiian Airlines has been an integral part of life in Hawai‘i, and together with Alaska Airlines we will be able to deliver more for our guests, employees and the communities that we serve.  In Alaska Airlines, we are joining an airline that has long served Hawai‘i, and has a complementary network and a shared culture of service.  With the additional scale and resources that this transaction with Alaska Airlines brings, we will be able to accelerate investments in our guest experience and technology, while maintaining the Hawaiian Airlines brand.  We are also pleased to deliver significant, immediate and compelling value to our shareholders through this all-cash transaction. Together, Hawaiian Airlines and Alaska Airlines can bring our authentic brands of hospitality to more of the world while continuing to serve our valued local communities.”


Alaska Airlines to Acquire Hawaiian Airlines for $18.00/Share in Cash, a Deal valued at $1.9 Billion, Inclusive of $900 Million in Debt - Courtesy Hawaiian Airlines

Hawaiian® Airlines, Hawai’i’s hometown airline, has been the number one U.S. carrier for on-time performance for the past 18 years (2004-2021).  The carrier has been in business for 95 years and is Hawaiʻi’s largest and longest-serving airline.  Hawaiian Airlines offers approximately 150 daily flights within the Hawaiian Islands and daily nonstop service to 16 U.S. mainland gateways.  Additionally, the carrier connects Honolulu with American Samoa, Japan, Australia, New Zealand, South Korea, Tahiti, and the Cook Islands.  Hawaiian Airlines, Inc. is a subsidiary of Hawaiian Holdings, Inc. (NASDAQ: HA).


Alaska Airlines and their regional partners serve over 120 destinations in the United States, Mexico, Canada, Costa Rica and Belize.  The sustainability-focused carrier emphasizes Next-Level Care for guests, while offering low fares and award-winning service.  Alaska has hubs in Seattle, San Francisco, Los Angeles, Portland and Anchorage.  The carrier is a member of the oneworld global alliance, and along with their additional partners, Alaska Airlines’ guests can earn and redeem miles on flights to more than 1,000 global destinations on over 20 airlines.  Alaska Airlines and Horizon Air are subsidiaries of the Alaska Air Group, Inc. (NYSE: ALK).


 

Source(s): Alaska Airlines, Hawaiian Airlines 

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